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Current Attempt in Progress The following defined pension data of Pharoah Corp.apply to the year 2020. Projected benefit obligation, 1/1/20 (before amendment) $574,000 Plan assets,
Current Attempt in Progress The following defined pension data of Pharoah Corp.apply to the year 2020. Projected benefit obligation, 1/1/20 (before amendment) $574,000 Plan assets, 1/1/20 561,200 Pension liability 12,800 On January 1, 2020, Pharoah Corp., through plan amendment, grants prior service benefits having a present value of 111,000 Settlement rate 9 % Service cost 57,200 Contributions (funding) 65,100 Actual (expected) return on plan assets 52,900 Benefits paid to retirees 39,200 Prior service cost amortization for 2020 18,300 For 2020, prepare a pension worksheet for Pharoah Corp. that shows the journal entry for pension expense and the year-end balances in the related pension accounts. (Enter all amounts as positive.)
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