Pharoah Company sponsors a defined benefit pension plan for its employees. The following data relate to the operation of the plan for the year in which no benefits were paid.
The actuarial present value of future benefits earned by employees for services rendered in amounted to $
The company's funding policy requires a contribution to the pension trustee amounting to $ for
As of January the company had a projected benefit obligation of $ an accumulated benefit obligation of $ and a debit balance of $ in accumulated OCI PSC The fair value of pension plan assets amounted to $ at the beginning of the year. The actual and expected return on plan assets was $ The settlement rate was No gains or losses occurred in and no benefits were paid.
Amortization of prior service cost was $ in Amortization of net gain or loss was not required in
Indicate the amounts that would be reported on the comprehensive income statement for the year
PHAROAH COMPANY
Comprehensive Income Statement
For the Year Ended December
$XXXX
$XXXX
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