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E20-7 Rydell Corp. apply

Price: $2.50

The following defined pension data of Rydell Corp. apply to the year 2012.

Projected benefit obligation, 1/1/12 (before amendment)   560,000
Plan assets, 1/1/12   546,200
Pension liability   13,800
On January 1, 2012, 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 2012   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

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