The following information is available for Pharoah Corporation's pension plan for the year $2023$:

Plan assets, January $1,2023$

Actual return on plan assets

Benefits paid to retirees

Contributions $($funding$)$

Discount rate

Defined benefit obligation, January $1,2023,$ accounting basis valuation

Service cost

$$360,000$

$17,000$

$41,300$

$93,200$

$11\%$

$510,000$

$67,100$

$($a$)$

Calculate defined benefit expense for the year $2023,$ assuming that Pharoah follows IFRS.

Defined benefit expense $

Provide the entries to recognize the pension expense and funding for the year. $($Credit account titles are automatically indented when

the amount is entered. Do not indent manually. List all debit entries before credit entries. If no entry is required, select $"$No Entry" for the

account titles and enter $O$ for the amounts.$)$

Date

Account Titles and Explanation

Debit

Credit

December

$31,2023$

$($To record defined benefit expense$)$

December

$31,2023$

$($To record contributions to the pension fund$)$