question archive The following defined pension data of Rydell Corp
The following defined pension data of Rydell Corp
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The following defined pension data of Rydell Corp. apply to the year 2014.Projected benefit obligation, 1/1/14 (before amendment)$561,000Plan assets, 1/1/14545,900Pension liability15,100On January 1, 2014, Rydell Corp., through plan amendment, grants prior service benefits having a present value of128,300Settlement rate9%Service cost65,600Contributions (funding)67,600Actual (expected) return on plan assets58,500Benefits paid to retirees43,300Prior service cost amortization for 201425,300For 2014, prepare a pension worksheet for Rydell Corp. that shows the journal entry for pension expense and the year-end balances in the related pension accountsRYDELL CORP.Pension Worksheet—2014General Journal EntriesItemsAnnualPensionExpenseCashOCI PriorServiceCostBalance, Des. 31, 2013Memo RecordPension ProjectedAsset/BenefitLiability ObligationFormulaFormulaNew balance, January 1, 2014FormulaFormulaFormulaFormulaJournal entry, December 31FormulaAccumulated OCI, December 31,Balance, December 31, 2014FormulaFormulaFormulaFormulaFormulaFormula(a) Prior service cost(b) Service cost(c) Interest cost(d) Actual return(e) Amortization of PSC(f) Contributions(g) BenefitsPlanAssetsFormulaFormulaFormulaFormulaFormulaFormulaFormulaAmountFormulaFormulaFormulaFormulaFormulaFormulaFormula
