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i am having trouble with the entire thing. I have it about 3/4 of the way done but am not confident in my answers, and
i am having trouble with the entire thing. I have it about 3/4 of the way done but am not confident in my answers, and under the memo record im not sure what they want, as well as under the reconcilliation. Ive seen no examples like this in the book so I am at my witts end! 97 E20-7 (L01,2,3) EXCEL (Basic Pension Worksheet) The following defined pension data of Rydell Corp. apply to the year 2017. Projected benefit obligation, 1/1/17 (before amendment) $560,000 Plan assets, 1/1/17 546,200 Pension liability 13.800 On January 1, 2017, Rydell Corp., through plan amendment, grants prior service benefits having a present value of 120,000 Settlement rate 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 2017 17.000 Instructions For 2017, prepare a pension worksheet for Rydell Corp. that shows the journal entry for pension expense and the year-end bal- ances in the related pension accounts. 1 E20-7 Basic Pension Worksheet. Rydell Corp Page 1164. 2 Show your computations 3 Prepare a pension worksheet for 2017 that shows the journal entry for pension and year-end balances in the pension accounts General Journal Entries Memo Record Annual Pension Expense Prepaid Accrued Cost Projected Benefit Obligation Unrecogn ized Prior Service Unrecognize Costd Net Gain or (PSC) Loss 6 Items Cash Plan Assets ELL 8 Balance Jan 1, 2017 9 Amendment 10 Balance 11 a) Service Cost 12 b) Interest Cost 13 c) Actual return 14 d) Contributions 15 e) Prior Svc Amortiz 16 f) benefits 17 Journal Entry 18 Balance Dec 31.2017 19 20 21 Reconciliation: 22 Projected Benefit Obligation 23 Plan assets 24 Funded status 25 Unrecognized prior service cost 26 Prepaid/Accrued pension cost =A:G 97 E20-7 (L01,2,3) EXCEL (Basic Pension Worksheet) The following defined pension data of Rydell Corp. apply to the year 2017. Projected benefit obligation, 1/1/17 (before amendment) $560,000 Plan assets, 1/1/17 546,200 Pension liability 13.800 On January 1, 2017, Rydell Corp., through plan amendment, grants prior service benefits having a present value of 120,000 Settlement rate 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 2017 17.000 Instructions For 2017, prepare a pension worksheet for Rydell Corp. that shows the journal entry for pension expense and the year-end bal- ances in the related pension accounts. 1 E20-7 Basic Pension Worksheet. Rydell Corp Page 1164. 2 Show your computations 3 Prepare a pension worksheet for 2017 that shows the journal entry for pension and year-end balances in the pension accounts General Journal Entries Memo Record Annual Pension Expense Prepaid Accrued Cost Projected Benefit Obligation Unrecogn ized Prior Service Unrecognize Costd Net Gain or (PSC) Loss 6 Items Cash Plan Assets ELL 8 Balance Jan 1, 2017 9 Amendment 10 Balance 11 a) Service Cost 12 b) Interest Cost 13 c) Actual return 14 d) Contributions 15 e) Prior Svc Amortiz 16 f) benefits 17 Journal Entry 18 Balance Dec 31.2017 19 20 21 Reconciliation: 22 Projected Benefit Obligation 23 Plan assets 24 Funded status 25 Unrecognized prior service cost 26 Prepaid/Accrued pension cost =A:G
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