Solution-Make journal entry for pension expense and year

Make journal entry for pension expense and year end balance

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Reference no: EM132495280

The following defined pension data of Rydell Corp. apply to the year 2020.

Projected benefit obligation, 1/1/20 (before amendment) $562,000

Plan assets, 1/1/20 547,600

Pension liability 14,400

On January 1, 2020, Rydell Corp., through plan amendment, grants prior service benefits having a present value of 126,000

Settlement rate 10%

Service cost 57,800

Contributions (funding) 68700

Actual (expected) return on plan assets 48500

Benefits paid to retirees 40200

Prior service cost amortization for 2020 18400

Question 1: Prepare journal entry for pension expense and year end balance in related to pension account.

Reference no: EM132495280

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Make journal entry for pension expense and year end balance

Reference no: EM132495280

Reference no: EM132495280

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