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Pharoah Corporation is a private company with a defined benefit pension plan. The following information is available for Pharoah Corporation for 2020: Opening balance,
Pharoah Corporation is a private company with a defined benefit pension plan. The following information is available for Pharoah Corporation for 2020: Opening balance, DBO $181,000 Opening balance, plan assets 172,000 Service cost 50,000 Employer contributions paid evenly through 2020 66,500 Applicable interest or discount rate 10 % Actual return on plan assets 21,500 Actuarial loss due to change in actuarial assumptions 12,100 Assuming that Pharoah follows ASPE, determine the 2020 effect of the pension plan on pension expense and the company's shareholders' equity. The pension plan results in total pension expense and a related decrease in the net income and shareholders' equity by $
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