Part 2/3

Pharoah Company adopts acceptable accounting for its defined benefit pension plan on January 1, 2019, with the following beginning balances: plan assets $197,700; projected benefit obligation $254,000. Other data relating to 3 years operation of the plan are as follows.

		2019			2020			2021
Annual service cost		$15,800			$18,800			$25,900
Settlement rate and expected rate of return		10	%		10	%		10	%
Actual return on plan assets		18,300			21,810			24,500
Annual funding (contributions)		15,800			40,800			48,900
Benefits paid		13,700			16,700			20,600
Prior service cost (plan amended, 1/1/20)					157,900
Amortization of prior service cost					54,900			42,400
Change in actuarial assumptions establishes a December 31, 2021, projected benefit obligation of:								529,000

Prepare the journal entries (from the worksheet) to reflect all pension plan transactions and events at December 31 of each year.

Date	Account Titles	Debit	Credit
Dec. 31, 2019
Dec. 31, 2020
Dec. 31, 2021

Indicate the pension-related amounts reported in the financial statements for 2021.

Pharoah Company Partial Income Statement
		$
		$