Exercise 20-4 The following facts apply to the pension plan of Pharoah Inc. for the year 2017. $501,700 501,700 Plan assets, January 1, 2017 Projected benefit obligation, January 1, 2017 Settlement rate Service cost Contributions (funding) Actual and expected return on plan assets Benefits paid to retirees 8% 43,600 25,400 52,100 33,600