The following facts apply to the pension plan of Pharoah Inc. for the year 2020. Pharoah applies ASPE.

Plan assets, January 1, 2020		$510,000
Defined benefit obligation, funding basis, January 1, 2020		409,000
Defined benefit obligation, accounting basis, January 1, 2020		510,000
Discount/interest rate		8.50%
Annual pension service cost		42,100
Contributions		30,500
Actual return on plan assets		51,950
Benefits paid to retirees		34,000

(a)

Calculate pension expense for the year 2020, and provide the entries to recognize the expense and contributions for the year assuming that Pharoah has chosen the funding measure of its defined benefit obligation as its accounting policy choice. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

Pension expense

$enter Pension expense in dollars

Date	Account Titles and Explanation	Debit	Credit
December 31, 2020	enter an account title to record pension expense ContributionsNet Defined Benefit Liability/AssetPension Contributions PayablePension ExpenseCash	enter a debit amount	enter a credit amount
	enter an account title to record pension expense CashPension ExpenseNet Defined Benefit Liability/AssetContributionsPension Contributions Payable	enter a debit amount	enter a credit amount
	(To record pension expense.)
December 31, 2020	enter an account title to record contributions to the pension fund Pension Contributions PayableContributionsNet Defined Benefit Liability/AssetPension ExpenseCash	enter a debit amount	enter a credit amount
	enter an account title to record contributions to the pension fund Net Defined Benefit Liability/AssetPension Contributions PayableCashPension ExpenseContributions	enter a debit amount	enter a credit amount
	(To record contributions to the pension fund.)