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Pharoah Company sponsors a defined benefit pension plan for its employees. The following data relate to the operation of the plan for the year 2020 in which no benefits were paid. 1. 3. The actuarial present value of future benefits earned by employees for services rendered in 2020 amounted to $56,300. 2. The company's funding policy requires a contribution to the pension trustee amounting to $135,896 for 2020. As of January 1, 2020, the company had a projected benefit obligation of $893,700, an accumulated benefit obligation of $797,700, and a debit balance of $397,600 in accumulated OCI (PSC). The fair value of pension plan assets amounted to $595,500 at the beginning of the year. The actual and expected return on plan assets was $54,500. The settlement rate was 8%. No gains or losses occurred in 2020 and no benefits were paid. Amortization of prior service cost was $50,300 in 2020. Amortization of net gain or loss was not required in 2020. Prepare the journal entry or entries to record pension expense and the employer's contribution to the pension trustee in 2020. (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.) 4. Account Titles and Explanation Debit Credit Pension Expense 123596 Pension Asset/Liability Cash Other Comprehensive Income (PSC) 50300 Indicate the pension-related amounts that would be reported on the income statement and the balance sheet for Pharoah Company for the year 2020. Pharoah Company Income Statement (Partial) For the Year Ended December 31, 2020 Expenses Pension Expense 0 A 123596 i Pharoah Company Comprehensive Income Statement For the Year Ended December 31, 2020 Net Income /(Loss) $XXXX Other Comprehensive Income Amortization of PSC 50300 Comprehensive Income $XXXX Pharoah Company Comprehensive Income Statement For the Year Ended December 31, 2020 Net Income /(Loss) $XXXX Other Comprehensive Income Amortization of PSC 50300 Comprehensive Income $XXXX Pharoah Company Balance Sheet (Partial) December 31, 2020 Pension Liability

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