Projected benefit obligation, 1/1/25 (before amendment) $569,000 Plan assets, 1/1/25 556,100 Pension liability, 1/1/25 12,900 On...

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Projected benefit obligation, 1/1/25 (before amendment) $569,000 Plan assets, 1/1/25 556,100 Pension liability, 1/1/25 12,900 On January 1, 2025, Pharoah Corp., through plan amendment, grants prior service benefits having this present value Settlement rate Service cost 120,000 9% 57,300 63,800 Contributions (funding) Actual (expected) return on plan assets 52,300 Benefits paid to retirees 37,700 Prior service cost amortization for 2025 16.200 For 2025, prepare a pension worksheet for Pharoah that shows the journal entry for pension expense and the year-end balances in the related pension accounts. (Enter all amounts as positive. If no entries then the input box should be left blank.) Projected benefit obligation, 1/1/25 (before amendment) $569,000 Plan assets, 1/1/25 556,100 Pension liability, 1/1/25 12,900 On January 1, 2025, Pharoah Corp., through plan amendment, grants prior service benefits having this present value Settlement rate Service cost 120,000 9% 57,300 63,800 Contributions (funding) Actual (expected) return on plan assets 52,300 Benefits paid to retirees 37,700 Prior service cost amortization for 2025 16.200 For 2025, prepare a pension worksheet for Pharoah that shows the journal entry for pension expense and the year-end balances in the related pension accounts. (Enter all amounts as positive. If no entries then the input box should be left blank.)

Answer rating: 100% (QA)

To prepare the pension worksheet for Pharoah Corp for the year 2025 we need to calculate the various components of pension expense and update the bala... View the full answer