O b. False CH20 Presented below is information related to Pharoah Inc. pension plan for 2018. - Projected benefit obligation on 1/1 7,000,000 - Plan asset on 1/1 6,800,000 - Service cost 1,560,000 - Actual and Expected return on plan assets 260,000 - Settlement (Interest) Rate 8% - Amortization of prior service cost 240,000 - Funding contributions 320,000 - Benefit paid to retirees 218,000 What amount should be reported for pension expense in 2018? Select one: O a. $2,448,000 O b. $2,620,000 O c. $2,240,000 O d. $2,100,000 CH19 Since permanent differences affect only the period in which they occur, there are no deferred tax consequences and they do not give rise to future taxable or deductible amounts