Pharoah Company adopts acceptable accounting for its defined benefit pension plan on January 1, 2019, with the following beginning balances: plan assets $197,700; projected benefit obligation $254,000. Other data relating to 3 years operation of the plan are as follows.
2019
2020
2021
Annual service cost
$15,800
$18,800
$25,900
Settlement rate and expected rate of return
10
%
10
%
10
%
Actual return on plan assets
18,300
21,810
24,500
Annual funding (contributions)
15,800
40,800
48,900
Benefits paid
13,700
16,700
20,600
Prior service cost (plan amended, 1/1/20)
157,900
Amortization of prior service cost
54,900
42,400
Change in actuarial assumptions establishes a December 31, 2021, projected benefit obligation of:
529,000
Pharoah Company Comprehensive Income Statement
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$
$
$XXXX
Pharoah Company Partial Balance Sheet
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$
$
Answer & Explanation
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