The following defined pension data of Rydell Corp. apply to the year 2012.
Projected benefit obligation, 1/1/12 (before amendment) $561,800
Plan assets, 1/1/12 540,800
Pension liability 21,000
On January 1, 2012, Rydell Corp., through plan amendment,
grants prior service benefits having a present value of 124,000
Settlement rate 10 %
Service cost 60,000
Contributions (funding) 73,100
Actual (expected) return on plan assets 62,000
Benefits paid to retirees 45,700
Prior service cost amortization for 2012 17,500
For 2012, 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.