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Question 1 | | | | (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 |
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. (If amount is zero, please enter 0 do not leave any fields blank.) Rydell Corp.
Pension Worksheet-2010 | Items | General Journal Entries | Memo Record | | Annual
Pension Expense | Cash | OCI - Prior
Service Cost | Pension
Asset/Liability | Projected Benefit Obligation | Plan Assets | Balance, January 1, 2009 | | | 0 | Cr. | Cr. | Dr. | Prior service cost | | | Dr. | | Cr. | ------------------------------------------------- | Balance, January 1, 2010 | | | | | Cr. | Dr. | Service cost | Dr. | | | | Cr. | | Interest cost | Dr. | | | | Cr. | | Actual return | Cr. | | | | | Dr. | Amortization of PSC | Dr. | | Cr. | | | | Contributions | | Cr. | | | | Dr. | Benefits | | | | | Dr. | Cr. | Journal entry for 2010 | Dr. | Cr. | Dr. | Cr. | | | | | | | | | | Accum. OCI, Dec. 31, 2009 | | | Dr. | | | | Balance, December 31, 2010 | | | Dr. | Cr. | Cr. | Dr. | | |…...

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