Homework SourseThe Sollowing defineu pesion dats of Rylell Corp apply ko th
The Sollowing defineu pesion dats of Rylell Corp apply ko the year 2017 Prgjected heinefit obligntion1/1efone amendlment Plan ascts /17 Ponsion liability On January L, 2017, Rydell Corp, through plan amendment grants prion 5756,000 00 14,800 service henefits having a present value of 568,000 00 5,000 Service cost Actual (expected) return on plan assets Benefits paid to retirocs Prior service cost amortization for 2017 18,000 For 2017, prepare a pension workshet for Rydell Corp. that shows the journal entry for pension expensc and the year-end balances im the pcasion accounts. RYDELL CORP. Pension Workshect-2017 Memo Record General JourmalE Cash OCi- Prior Service Pension Liability Plan 
Solution
Rydell Corp Pension Worksheet - 2017 General Journal Entries Items Annual Pension Expense Cash OCI - Prior Service Cost Pension Asset/Liability Pension Benefit Obligation Plan Assets Balance 01/01/2017 14,800.00 Cr 7,36,000.00 Cr 6,46,200.00 Dr Prior Service Cost 1,20,000.00 Dr 1,20,000.00 Cr Balance 01/01/2017 8,56,000.00 Cr 6,46,200.00 Dr Service Cost 68,000.00 Dr 68,000.00 Cr Interest Cost(856000*9%) 77,040.00 Dr 77,040.00 Cr Contributions 55,000.00 Cr 55,000.00 Dr Actual Return on Plan Assets 42,280.00 Cr 42,280.00 Dr Benefits Paid 40,000.00 Dr 40,000.00 Cr Ammortisation of prior service cost 18,000.00 Dr 18,000.00 Cr Journal Entry for 2017 1,20,760.00 Dr 55,000.00 Cr 1,02,000.00 Dr 1,67,760.00 Cr Calculation (68000+77040+18000-42280) (120000-18000) (120760+102000-55000) Balance 31/12/2017 1,02,000.00 Dr 1,82,560.00 Cr 9,61,040.00 Cr 7,03,480.00 Dr Calculation (167760+14800) (68000+77040+856000-40000) (646200+55000+42280-40000) Journal Entry Particulars Debit Credit Pension Expense 1,20,760.00 OCI - PSC 1,02,000.00 To Pension Liability 1,67,760.00 To Cash 55,000.00