Pharoah Corporation provides the following information about its defined benefit pension plan for the year 2023:

Current service cost	$225,850
Contribution to the plan	263,200
Past service cost, effective December 31, 2023	25,150
Actual return on plan assets	159,300
Benefits paid	110,100
Net defined benefit liability at January 1, 2023	419,000
Plan assets at January 1, 2023	1,593,000
Defined benefit obligation at January 1, 2023	2,012,000
Interest/discount rate on the DBO and plan assets	10%

Pharoah Follows IFRS

A.Prepare a pension work sheet.

VERNHEY CORPORATION
PENSION WORK SHEET
	Annual Deficit Benefit Expense	debit/credit	Cash	debit/credit	Net. Def. Benefit Liab/Asset	debit/credit	Defined Benefit Obligation	debit/credit	Plan Assets	debit/credit
Balance Jan. 1, 2023
Current service cost
Past service cost
Net interest/financial cost
Contribution
benefits paid
expense entry
contribution entry
Balance Dec.31, 2023

B. Prepare all journal entries.

C.What is the amount of the plans surplus/deficit at December 31, 2020?