Reference no: EM131824280

Question - Basic Pension Worksheet

The following defined pension data of Rydell Corp. apply to the year 2010.

Projected benefit obligation, 1/1/10 (before amendment) $560,000

Plan assets, 1/1/10 546,200

Pension liability 13,800

On January 1, 2010 Rydell Corp. through plan amendment, grants prior service benefits having a present value of 120,000

Settlement rate 9%

Service cost 58,000

Contributions (funding) 65,000

Actual (expected) return on plan assets 52,280

Benefits paid to retirees 40,000

Prior service cost amortization for 2010 17,000

For 2010, prepare a pension worksheet for Rydell Corp. that shows the journal entry for pension expense and the year-end balances in the related pension accounts.