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ACC - Pension Worksheet for Rydell Corp Problem

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Question;Exercise 20-7The following defined pension data of Rydell Corp. apply to the year 2012.;Projected benefit obligation, 1/1/12 (before amendment) $561,800Plan assets, 1/1/12 540,800Pension liability 21,000On January 1, 2012, Rydell Corp., through plan amendment,grants prior service benefits having a present value of 124,000Settlement rate 10 %Service cost 60,000Contributions (funding) 73,100Actual (expected) return on plan assets 62,000Benefits paid to retirees 45,700Prior service cost amortization for 2012 17,500;For 2012, 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.

 

Paper#44548 | Written in 18-Jul-2015

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