Exercise 20-7 | Business & Finance homework help

Exercise 20-7
The following defined pension data of Rydell Corp. apply to the year 2012.

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Projected benefit obligation, 1/1/12 (before amendment) $561,800
Plan assets, 1/1/12 540,800
Pension liability 21,000
On January 1, 2012, Rydell Corp., through plan amendment,
grants prior service benefits having a present value of 124,000
Settlement rate 10 %
Service cost 60,000
Contributions (funding) 73,100
Actual (expected) return on plan assets 62,000
Benefits paid to retirees 45,700
Prior 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.

RYDELL CORP.
Pension Worksheet—2012

General Journal Entries

Memo Record
Items

Annual Pension
Expense

Cash

OCI–Prior
Service Cost

Pension Asset/
Liability

Projected Benefit
Obligation

Plan
Assets
Balance, Dec. 31, 2011
Prior service cost
Balance, Jan. 1, 2012
Service cost
Interest cost
Actual return
Amortization of PSC
Contributions
Benefits
Journal entry for 2012
Accumulated OCI, Dec. 31, 2011
Balance, Dec. 31, 2012

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