Question

The following defined pension data of Rydell Corp. apply to the year 2017. Projected benefit obligation,...

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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