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Projected benefit obligation, 1/1/17 (before amendment) Plan assets, 1/1/17 Pension liability On January 1, 2017, Rydell Corp., through plan amendment, grants prior service benefits having a present value of Settlement rate $560,000 546,200 13,800 120,000 9% Service cost Contributions (funding) Actual (expected) return on plan assets Benefits paid to retirees Prior service cost amortization for 2017 58,000 65,000 52,280 40,000 17,000

Projected benefit obligation, 1/1/17 (before amendment) Plan assets, 1/1/17 Pension liability On January 1, 2017, Rydell Corp., through plan amendment, grants prior service benefits having a present value of Settlement rate $560,000 546,200 13,800 120,000 9% Service cost Contributions (funding) Actual (expected) return on plan assets Benefits paid to retirees Prior service cost amortization for 2017 58,000 65,000 52,280 40,000 17,000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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(Basic Pension Worksheet) The following defined pension data of Rydell Corp. apply to the year 2017.

Check the below image for pension data.

Instructions
For 2017, 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.

Projected benefit obligation, 1/1/17 (before amendment) Plan assets, 1/1/17 Pension liability On January 1, 2017, Rydell Corp., through plan amendment, grants prior service benefits having a present value of Settlement rate $560,000 546,200 13,800 120,000 9% Service cost Contributions (funding) Actual (expected) return on plan assets Benefits paid to retirees Prior service cost amortization for 2017 58,000 65,000 52,280 40,000 17,000
Transcribed Image Text:Projected benefit obligation, 1/1/17 (before amendment) Plan assets, 1/1/17 Pension liability On January 1, 2017, Rydell Corp., through plan amendment, grants prior service benefits having a present value of Settlement rate $560,000 546,200 13,800 120,000 9% Service cost Contributions (funding) Actual (expected) return on plan assets Benefits paid to retirees Prior service cost amortization for 2017 58,000 65,000 52,280 40,000 17,000
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