Pharoah Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2017, the following balances relate to this plan.

Plan assets $498,300

Projected benefit obligation 614,700

Pension asset/liability 116,400

Accumulated OCI (PSC) 96,900 Dr.

As a result of the operation of the plan during 2017, the following additional data are provided by the actuary.

Service cost $92,500

Settlement rate, 9%

Actual return on plan assets 54,200

Amortization of prior service cost 18,100

Expected return on plan assets 51,200

Unexpected loss from change in projected benefit obligation,

due to change in actuarial predictions 74,200

Contributions 97,200

Benefits paid retirees 82,600

Using the data above, compute pension expense for Pharoah Corp. for the year 2017 by preparing a pension worksheet. (Enter all amounts as positive.)

PHAROAH CORP.

Pension Worksheet

General Journal Entries

Memo Record

Items

Annual Pension

Expense

Cash

OCIPrior

Service Cost

OCI Gain/

Loss

Pension Asset/

Liability

Projected Benefit

Obligation

Plan

Assets

Balance, Jan. 1, 2017

$

$

$

$

$

$

$

Service cost

Interest cost

Actual return

Unexpected gain

Amortization of PSC

Liability increase

Contributions

Benefits

Journal entry for 2017

$

$

Accumulated OCI, Dec. 31, 2016

Balance, December 31, 2017

$

$

$

$

$

Prepare the journal entry for pension expense for 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 0 for the amounts.)

Account Titles and Explanation

Debit

Credit