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PharoahCorporation provides the following information about its defined benefit pension plan for the year 2020: Current service cost$225,600Contribution to the plan263,100Past service cost, effective December

PharoahCorporation provides the following information about its defined benefit pension plan for the year 2020:

Current service cost$225,600Contribution to the plan263,100Past service cost, effective December 31, 2020

25,600Actual return on plan assets160,000Benefits paid106,000Net defined benefit liability at January 1, 2020400,600Plan assets at January 1, 20201,600,000Defined benefit obligation at January 1, 2020

2,000,600Interest/discount rate on the DBO and plan assets10%

Pharoahfollows IFRS.

Prepare a continuity schedule for 2020 for the defined benefit obligation.(Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)

PharoahCorporation

Continuity Schedule

2020select an opening name

Interest Cost

Defined Benefit Obligation, 12/31/20

Benefits Paid

Defined Benefit Obligation, 1/1/20

Past Service

Current Service Cost

$

enter a dollar amount

select an item

Defined Benefit Obligation, 12/31/20

Past Service

Interest Cost

Benefits Paid

Defined Benefit Obligation, 1/1/20

Current Service Cost

enter a dollar amount

select an item

Current Service Cost

Benefits Paid

Interest Cost

Defined Benefit Obligation, 12/31/20

Defined Benefit Obligation, 1/1/20

Past Service

enter a dollar amount

select an item

Benefits Paid

Defined Benefit Obligation, 1/1/20

Past Service

Defined Benefit Obligation, 12/31/20

Interest Cost

Current Service Cost

enter a dollar amount

select an item

Current Service Cost

Interest Cost

Defined Benefit Obligation, 12/31/20

Past Service

Defined Benefit Obligation, 1/1/20

Benefits Paid

enter a dollar amount

select a closing name

Defined Benefit Obligation, 1/1/20

Past Service

Current Service Cost

Defined Benefit Obligation, 12/31/20

Interest Cost

Benefits Paid

$

enter a total amount

eTextbook and Media

Prepare a continuity schedule for 2020 for the plan assets.(Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)

PharoahCorporation

Continuity Schedule

2020select an opening name

Actual Return on Plan Assets

Benefits Paid

Plan Assets, 12/31/20

Plan Assets, 1/1/20

Contributions into Plan

$

enter a dollar amount

select an item

Actual Return on Plan Assets

Contributions into Plan

Plan Assets, 1/1/20

Benefits Paid

Plan Assets, 12/31/20

enter a dollar amount

select an item

Plan Assets, 1/1/20

Actual Return on Plan Assets

Plan Assets, 12/31/20

Benefits Paid

Contributions into Plan

enter a dollar amount

select an item

Plan Assets, 12/31/20

Contributions into Plan

Actual Return on Plan Assets

Plan Assets, 1/1/20

Benefits Paid

enter a dollar amount

select a closing name

Plan Assets, 1/1/20

Plan Assets, 12/31/20

Contributions into Plan

Benefits Paid

Actual Return on Plan Assets

$

enter a total amount

eTextbook and Media

Calculate pension expense for the year 2020.

Pension expense$

enter Pension expense in dollars

eTextbook and Media

Prepare all pension journal entries recorded byPharoahin 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

select an account title to record pension expense

Pension Expense

Contributions

Cash

Net Defined Benefit Liability/Asset

Pension Contributions Payable

enter a debit amount

select a credit amount

select an account title to record pension expense

Cash

Contributions

Pension Expense

Net Defined Benefit Liability/Asset

Pension Contributions Payable

enter a debit amount

select a credit amount

(To recordpension expense)December 31, 2020

select an account title to record contributions paid

Pension Contributions Payable

Contributions

Pension Expense

Cash

Net Defined Benefit Liability/Asset

enter a debit amount

select a credit amount

select an account title to record contributions paid

Cash

Pension Contributions Payable

Pension Expense

Net Defined Benefit Liability/Asset

Contributions

enter a debit amount

select a credit amount

(To recordcontributions paid)

eTextbook and Media

What pension amount will appear onPharoah's SFP at December 31, 2020?

Pension

select asset or liability

asset

liability

$

enter a dollar amount

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