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

Projected benefit obligation, 1/1/20 (before amendment)...............................$560,000
Plan assets, 1/1/20....................................................................................................546,200
Pension liability, 1/1/20..............................................................................................13,800
On January 1, 2020, Rydell Corp., through plan amendment,
grants prior service benefits having a present value of......................................120,000
Settlement rate..................................................................................................................9%
Service cost..................................................................................................................58,000
Contributions (funding)..............................................................................................65,000
Actual (expected) return on plan assets...................................................................52,280
Benefits paid to retirees.............................................................................................40,000
Prior service cost amortization for 2020..................................................................17,000

Instructions

For 2020, 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.