The following facts apply to the pension plan of Pharoah Inc. for the year 2025.
Plan assets, January 1, 2025 $470,900
Projected benefit obligation, January 1, 2025 470,900
Settlement rate 8%
Service cost 38,500
Contributions (funding) 24,300
Actual and expected return on plan assets 46,800
Benefits paid to retirees 34,700
Using this data, compute pension expense for the year 2025. As part of your solution, prepare a pension worksheet journal entry for pension expense for 2025 and the year-end balances in the related pension accounts. (Enter all amounts as positive values.)
Annual Pension Expense
Cash