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Practice Exam Chapters 18-20 Part II E20-7 (Basic Pension Worksheet) 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 120,000 amendment, 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 Instructions: 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. RYDELL CORP. Pension Worksheet2014 General Journal Entries Memo Record Annual Pension Projected Plan Items Pension Cash OCI - Prior Service Cost Asset/ Benefit Assets Expense Liability Obligation Balance, December 31, 2013 (a) Prior service cost Balance, January 1, 2014 (b) Service cost (c) Interest cost (d) Actual return (e) Amortization of PSC (f) Contributions (g) Benefits Journal entry for 2014 Accumulated OCI, December 31, 2013 Balance, December 31, 2014 Interest cost = $560,000 + $120,000 = $680,000 Settlement rate of 9% = $61,200. Note: We show actual return on the worksheet to ensure that plan assets are properly reported. If expected and actual return differ, then an additional adjustment is made to compute the proper amount of pension expense. Projected benefit obligation, 1/1/14 (before amendment) Plan assets, 1/1/14 Pension liability On January 1, 2014, Rydell Corp., through plan amendment, Settlement rate Service cost Contributions (funding) Actual (expected) return on plan assets Benefits paid to retirees Prior service cost amortization for 2014 $560,000 546,200 13,800 120,000 9% 58,000 65,000 52,280 40,000 17,000 Instructions: 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. RYDELL CORP. Pension Worksheet2014 General Journal Entries Memo Record Annual Pension Projected Plan Items Pension Cash OCI - Prior Service Cost Asset/ Benefit Assets Expense Liability Obligation Balance, December 31, 2013 (a) Prior service cost Balance, January 1, 2014 (b) Service cost (c) Interest cost (d) Actual return (e) Amortization of PSC (f) Contributions (g) Benefits Journal entry for 2014 Accumulated OCI, December 31, 2013 Balance, December 31, 2014 Interest cost = $560,000 + $120,000 = $680,000 Settlement rate of 9% = $61,200. Note: We show actual return on the worksheet to ensure that plan assets are properly reported. If expected and actual return differ, then an additional adjustment is made to compute the proper amount of pension expense