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Exercise 20-7 The following defined pension data of Rydell Corp. apply to the year 2014. Projected benefit obligation, 1/1/14 (before amendment) $560,400 Plan assets, 1/1/14 540,600 19,800 Pension liability On January 1, 2014, Rydell Corp., through plan amendment grants prior service benefits having a present value of 24,100 9 Settlement rate 60,300 Service cost Contributions (funding) 68,100 56,300 Actual (expected) return on plan assets 48,000 Benefits paid to retirees Prior service cost amortization for 2014 18,900 For 2014, 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