Acc423 Intermediate Accounting: E20-7 The following defined pension data of Rydell Corp

Acc423 Intermediate Accounting E20-7 (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 Instructions 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.