That camera requires Camera Raw 7.3 or later which is not compatible with Photoshop Elements 10. But the camera has the option to save images in the DNG format. And those should be compatible with Photoshop Elements 10.
I thought the Pentax K5 IIs can shoot and record DNGs ?? !
Yes, it does! See here:
"For the photographers who shoot primarily in RAW, the Pentax K-5 IIs offers native support for both Pentax PEF and Adobe DNG 14-bit RAW files."