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pharoah Corp. provides the following information about its postretirement health-care benefit plan for the year 2020: Current service cost $203,000 Contribution to the plan 48,100

pharoah Corp. provides the following information about its postretirement health-care benefit plan for the year 2020:
Current service cost $203,000
Contribution to the plan 48,100
Actual return on plan assets 142,600
Benefits paid 98,000
Plan assets at January 1, 2020 1,597,900
Defined postretirement benefit obligation at January 1, 2020 1,823,200
Discount rate 11%

Assuming Opsco follows ASPE, calculate the post-retirement benefit expense for 2020.

Postretirement benefit expense $

Prepare all required journal entries related to the post-retirement benefit plan that were made by the company in 2020. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

Date

Account Titles and Explanation

Debit

Credit

December 31, 2020

(To record post-retirement benefit expense.)

December 31, 2020

(To record contribution to the pension fund.)

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