FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Please provide answer with calculation and Explain the correct and incorrect option

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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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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