The pension worksheet for Pharoah Industries is shown below. Pharoah Industries Items Balance, Jan. 1, 2025 (a) Service Cost $92000 dr (b) Interest Cost 67000 dr (c) Actual Return 43000 cr (d) Contributions ?? cr (e) Benefits Pension Worksheet General Journal Entries Memo Record Annual Pension Expense Pension Asset/ Projected Benefit Plan Cash Liability Obligation Assets $67000 cr $534000 cr $467000 dr 92000 cr 67000 cr 43000 dr ?? dr 52000 dr 52000 cr Journal Entry for 2025 $116000 dr ?? cr cr Balance, Dec. 31, 2025 $ dr $641000 $641000 What were Pharoah's cash contributions to the plan during 2025? O $52000 O $183000 O $116000 #00000
The pension worksheet for Pharoah Industries is shown below. Pharoah Industries Items Balance, Jan. 1, 2025 (a) Service Cost $92000 dr (b) Interest Cost 67000 dr (c) Actual Return 43000 cr (d) Contributions ?? cr (e) Benefits Pension Worksheet General Journal Entries Memo Record Annual Pension Expense Pension Asset/ Projected Benefit Plan Cash Liability Obligation Assets $67000 cr $534000 cr $467000 dr 92000 cr 67000 cr 43000 dr ?? dr 52000 dr 52000 cr Journal Entry for 2025 $116000 dr ?? cr cr Balance, Dec. 31, 2025 $ dr $641000 $641000 What were Pharoah's cash contributions to the plan during 2025? O $52000 O $183000 O $116000 #00000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Please provide answer with calculation and Explain the correct and incorrect option
Transcribed Image Text:The pension worksheet for Pharoah Industries is shown below.
Pharoah Industries
Items
Balance, Jan. 1, 2025
(a) Service Cost
$92000 dr
(b) Interest Cost
67000 dr
(c) Actual Return
43000 cr
(d) Contributions
?? cr
(e) Benefits
Pension Worksheet
General Journal Entries
Memo Record
Annual Pension
Expense
Pension Asset/
Projected Benefit
Plan
Cash
Liability
Obligation
Assets
$67000 cr
$534000 cr
$467000 dr
92000 cr
67000 cr
43000 dr
??
dr
52000 dr
52000 cr
Journal Entry for 2025
$116000 dr
?? cr
cr
Balance, Dec. 31, 2025
$
dr
$641000
$641000
What were Pharoah's cash contributions to the plan during 2025?
O $52000
O $183000
O $116000
#00000
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