Pharoah Company adopts acceptable accounting for its defined benefit pension plan on January 1, 2024, with the following beginningbalances: plan assets $202,100; projected benefit obligation $247,000. Other data relating to 3 years' operation of the plan are asfollows.Annual service costSettlement rate and expected rate of returnActual return on plan assetsAnnual funding (contributions)Benefits paidPrior service cost (plan amended, 1/1/25)Amortization of prior service costChange in actuarial assumptions establishesa December 31, 2026, projected benefit obligation of:(a)(b)DateDec. 31, 2024Dec. 31, 2025Dec. 31, 2026 VAccount Titles and ExplanationPension ExpenseOther Comprehensive Income (G/L)CashPension Asset/LiabilityPension ExpenseOther Comprehensive Income (PSC)CashPension Asset/LiabilityPension Asset/LiabilityOther Comprehensive Income (G/L)Other Comprehensive Income (PSC)2024$16,100Prepare the journal entries (from the worksheet) to reflect all pension plan transactions and events at December 31 of each year.(Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry"for the account titles and enter O for the amounts. List all debit entries before credit entries.)Cash10%17,90016,10014,3002025$19,40010%22,18040,80016,300161,90053.9002026$26,40010%24,20048,50020,70042.300515,300DebitCredit

December 31, 2024:DateAccount Titles and ExplanationDebit ($)Credit ($)Dec. 31Pension Expense41,100-…

Prepare the journal entries (from the worksheet) to reflect all pension plan transactions and events at December 31 of each year. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.)

Prepare the journal entries (from the worksheet) to reflect all pension plan transactions and events at December 31 of each year. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts. List all debit entries before credit entries.)

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter19: Accounting For Post Retirement Benefits

Section: Chapter Questions

Problem 1E

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