View Policies Current Attempt in Progress Pharoah Corp. sponsors a defined benefit pension plan for its employees. On January 1, 2017, the following balances relate to this plan. Plan assets Projected benefit obligation Pension asset/liability Accumulated OCI (PSC) $712,000 854,000 142,000 Cr. 108,000 Dr. As a result of the operation of the plan during 2017, the following additional data areprovided by the actuary. $97,000 Service cost Settlement rate, 6% Actual return on plan assets Amortization of prior service cost Expected return on plan assets Unexpected loss from change in projected benefit due to change in actuarial predictions Contributions Benefits paid retirees 60,000 28,000 57,000 71,000 107.000 99,000 (a) Using the data above, compute pension expense for Pharoah Corp. for the year 2017 by preparing a pension worksheet. Using the data above, compute pension expense for Pharoah Corp.for the year 2017 by preparing a pension worksheet. Annual Pension Expense Cash Items v Balance, Jan. 1. 2017 Service cost 97,000 Dr > Interest cost Actual return CC Unexpected gain Amortization of PSC Liability increase Contributions > Benefits Journal entry for 2017 $ $ Accumulated OCI, Dec 31, 2016 Balance, Dec 31, 2017