Pharoah Company received the following selected information from its pension plan trustee concerning the operation of the company's defined benefit pension plan for the year ended December 31, 2017 ry, 2017 Dec 1, 2013 12.30 The service cost component of pension expense for employee services rendered in the current year amounted to $77,000 and the amortization of prior service cost was $122,100. The company's actual funding (contributions) of the plan in 2017 amounted to $252,000. The expected return on plan assets and the actual rate were both 10%; the interest/discount (settlement) rate was 104. Accumulated other comprehensive income (PSC) had a balance of $1,221,000 on January 1, 2017. Assume no benefits paid in 2017. Determine the amounts of the components of pension expense that should be recognized by the company in 2017. (Enter amounts that reduce pension expense with either negative sign preceding the number eg.-45 or parenthesise.g. (45).) Prepare the journal entry to record pension expense and the employer's contribution to the pension plan in 2017. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts) Indicate the pension related amounts that would be reported on the income statement and the balance sheet for Pharoah Company for the year 2017. Pharoah Company Comprehranke cm Start Pharoah Company Balan her (Fartial Pharoah Company received the following selected information from its pension plan trustee concerning the operation of the company's defined benefit pension plan for the year ended December 31, 2017 ry, 2017 Dec 1, 2013 12.30 The service cost component of pension expense for employee services rendered in the current year amounted to $77,000 and the amortization of prior service cost was $122,100. The company's actual funding (contributions) of the plan in 2017 amounted to $252,000. The expected return on plan assets and the actual rate were both 10%; the interest/discount (settlement) rate was 104. Accumulated other comprehensive income (PSC) had a balance of $1,221,000 on January 1, 2017. Assume no benefits paid in 2017. Determine the amounts of the components of pension expense that should be recognized by the company in 2017. (Enter amounts that reduce pension expense with either negative sign preceding the number eg.-45 or parenthesise.g. (45).) Prepare the journal entry to record pension expense and the employer's contribution to the pension plan in 2017. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry for the account titles and enter for the amounts) Indicate the pension related amounts that would be reported on the income statement and the balance sheet for Pharoah Company for the year 2017. Pharoah Company Comprehranke cm Start Pharoah Company Balan her (Fartial
