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Pharoah Corporation provides the following information about its defined benefit pension plan for...

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Accounting

Pharoah Corporation provides the following information about its defined benefit pension plan for the year 2023:
Current service cost $225,600
Contribution to the plan 263100
Past service cost, effective December 31,202325,600
Actual return on plan assets 160,000
Benefits paid 400600
Net defined benefit liability at January 1,20231,600,000
Plan assets at January 1,2023
Defined benefit obligation at January 1,20232000600
Interest/discount rate on the DBO and plan assets
10%
Pharoah follows IFRS
Prepare all pension journal entries recorded by Pharoah in 2023
December 31,2023
.....
(To record defined benefit expense)
December 31,2023....
(To record contributions paid)

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