The following defined pension data of Rydell Corp. apply to the year 2017.
Projected benefit obligation, 1/1/17 (before amendment) 4,275,000
Plan assets, 1/1/17 4,500,000 On January 1, 2017, Rydell Corp., through plan amendment, grants prior service benefits having a present value of 900,000
Settlement rate 6%
Service cost 810,000
Contributions (funding) 641,250
Actual (expected) return on plan assets 342,000
Benefits paid to retirees 540,000
Prior Service cost of Ammortization for 2017 135,000
a) Fill out pension Worksheet
Items | Annual pnesion expense | cash | OCI- Prior service Cost | Pension asset/ liability | Projected Benefit Obligation | Plan assets |
---|---|---|---|---|---|---|
Balance January 1, 2017 | ||||||
Prior service cost | ||||||
Service Cost | ||||||
Interest cost | ||||||
Actual Return | ||||||
Amortization of PSC | ||||||
Contributions | ||||||
Benefits paid | ||||||
Journal Entry, Decemeber 31, 2017 | ||||||
Balance, December 31, 2017 |
b.) What is the Interests cost of 2017?
c.) what is pension expense for 2017?
d.) What is pension liability recorded for 2017?
e.) write pension journal entry for 2017.
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