The following defined pension data of Rydell Corp. apply to the year 2014

Projected benefit obligation, 1/1/14 (before amendment)	$560,000
Plan assets, 1/1/14	546,200
Pension liability	13,800
On January 1, 2014, 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 2014	17,000

For 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 accounts.

Items	Annual Pension Expense	Cash	OCI-Prior Service Cost	Pension Asset/Liability	Projected Benefit Obligation	Plan Asset
Balance, Dec 31, 2013
Prior service cost
Balance, Jan. 1, 2014
Service cost
interest cost
actual return
amortization of PSC
contributions
benefits
journal entry for 2014
accumulated OCI, Dec 31, 2013
Balance, Dec 31, 2014

Answer rating: 100% (QA)

RYDELL CORP Lodell Worksheet2014 General Journal Entries Memo Record Ite... View the full answer