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The following defined pension data of Pharoah Corp. apply to the year 2025. Projected benefit obligation, 1/1/25 (before amendment) Plan assets, 1/1/25 Pension liability, 1/1/25 On January 1, 2025, Pharoah Corp., through plan amendment, grants prior service benefits having this present value Settlement rate Service cost Contributions (funding) Actual (expected) return on plan assets Benefits paid to retirees Prior service cost amortization for 2025 Items Balance, Dec. 31, 2024 Prior service cost Balance, Jan. 1, 2025 Service cost Interest cost 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.) Actual return Amortization of PSC Contributions Benefits $612,000 Journal entry for 2025 598,000 Annual Pension Expense 14,000 122,000 9% 62,900 63,900 56,700 38,600 16,000 > < Cash General Jour < > >

The following defined pension data of Pharoah Corp. apply to the year 2025. Projected benefit obligation, 1/1/25 (before amendment) Plan assets, 1/1/25 Pension liability, 1/1/25 On January 1, 2025, Pharoah Corp., through plan amendment, grants prior service benefits having this present value Settlement rate Service cost Contributions (funding) Actual (expected) return on plan assets Benefits paid to retirees Prior service cost amortization for 2025 Items Balance, Dec. 31, 2024 Prior service cost Balance, Jan. 1, 2025 Service cost Interest cost 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.) Actual return Amortization of PSC Contributions Benefits $612,000 Journal entry for 2025 598,000 Annual Pension Expense 14,000 122,000 9% 62,900 63,900 56,700 38,600 16,000 > < Cash General Jour < > >

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The following defined pension data of Pharoah Corp. apply to the year 2025. Projected benefit obligation, 1/1/25 (before amendment) Plan assets, 1/1/25 Pension liability, 1/1/25 On January 1, 2025, Pharoah Corp., through plan amendment grants prior service benefits having this present value Settlement rate Service cost Contributions (funding) Actual (expected) return on plan assets Benefits paid to retirees Prior service cost amortization for 2025 Items Balance, Dec. 31, 2024 Prior service cost Balance, Jan. 1, 2025 Service cost Interest cost Actual return Amortization of PSC 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.) Contributions Benefits Journal entry for 2025 $ $612,000 598,000 Expense Annual Pension 14,000 122,000 9% 62,900 63,900 56,700 38,600 16,000 < < < < > > < < > > $ $ Cash General Jour < > > < < > > <
Transcribed Image Text:The following defined pension data of Pharoah Corp. apply to the year 2025. Projected benefit obligation, 1/1/25 (before amendment) Plan assets, 1/1/25 Pension liability, 1/1/25 On January 1, 2025, Pharoah Corp., through plan amendment grants prior service benefits having this present value Settlement rate Service cost Contributions (funding) Actual (expected) return on plan assets Benefits paid to retirees Prior service cost amortization for 2025 Items Balance, Dec. 31, 2024 Prior service cost Balance, Jan. 1, 2025 Service cost Interest cost Actual return Amortization of PSC 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.) Contributions Benefits Journal entry for 2025 $ $612,000 598,000 Expense Annual Pension 14,000 122,000 9% 62,900 63,900 56,700 38,600 16,000 < < < < > > < < > > $ $ Cash General Jour < > > < < > > <
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