U U1!58 !U8 Hide Timer Question 19 View Policies Current Attempt in Progress The accountant for Pharoah Corporation has developed the following information for the company's defined benefit pension plan for 2021: Service cost Actual return on plan assets Annual contribution to the plan Amortization of prior service cost Benefits paid to retirees Settlement rate Expected rate of return on plan assets $530,000 262,000 932,000 126,200 66,000 10% 8% The accumulated benefit obligation at December 31, 2021, amounted to $3,310,000. Using the above information for Pharoah Corporation, complete the pension work sheet for 2021. (Do not leave any answer field blank. Enter for amounts.) Annual Pension Expense Pharca Corporation Pension Work Sheet-2021 General Journal Entries OCI-Prior OCI-Gain/ Service Cost Loss 631,000 + Cash Pension Asset/ Liability Memo Entries Projected Benefit Obligation 4,060,000 Plan Assets 2,780,000 Balance, Dec. 31, 2020 Service cost Interest cost Actual return Unexpected gain/loss Amortization of PSC Contributions Benefits Gain/loss Amortization Journal entry for 2021 Accumulated OCI, 12/31/20 Balance, Dec. 31, 2021 Prepare the journal entry to reflect the accounting for the company's pension plan for the year ending December 31, 2021. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Debit Date Account Titles and Explanation Dec 31, 2021 Credit U U1!58 !U8 Hide Timer Question 19 View Policies Current Attempt in Progress The accountant for Pharoah Corporation has developed the following information for the company's defined benefit pension plan for 2021: Service cost Actual return on plan assets Annual contribution to the plan Amortization of prior service cost Benefits paid to retirees Settlement rate Expected rate of return on plan assets $530,000 262,000 932,000 126,200 66,000 10% 8% The accumulated benefit obligation at December 31, 2021, amounted to $3,310,000. Using the above information for Pharoah Corporation, complete the pension work sheet for 2021. (Do not leave any answer field blank. Enter for amounts.) Annual Pension Expense Pharca Corporation Pension Work Sheet-2021 General Journal Entries OCI-Prior OCI-Gain/ Service Cost Loss 631,000 + Cash Pension Asset/ Liability Memo Entries Projected Benefit Obligation 4,060,000 Plan Assets 2,780,000 Balance, Dec. 31, 2020 Service cost Interest cost Actual return Unexpected gain/loss Amortization of PSC Contributions Benefits Gain/loss Amortization Journal entry for 2021 Accumulated OCI, 12/31/20 Balance, Dec. 31, 2021 Prepare the journal entry to reflect the accounting for the company's pension plan for the year ending December 31, 2021. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Debit Date Account Titles and Explanation Dec 31, 2021 Credit
