Question 1(Basic Pension Worksheet)The following defined pension data ofRydell C

Question 1(Basic Pension Worksheet)The following defined pension data ofRydell Corp. apply to the year 2010. For 2010 prepare a pensionworksheet for Rydell Corp. that shows the journal entry for pensionexpense and the year-end balances in the related pensionaccounts.Projected benefit obligation 1/1/10 (before amendment)$560000Plan assets 1/1/10 546200Pension liability 13800On January 1 2010 Rydell Corp. through plan amendmentgrants prior service benefits having a present value of 120000Settlement rate 9%Service cost 58000Contributions (funding) 65000Actual (expected) return on plan assets 52280Benefits paid to retirees 40000Prior service cost amortization for 2010 17000Instructions:For 2010 prepare a pension worksheet for Rydell Corp. that showsthe journal entry for pension expense and the year-end balances inthe related pension accounts.. (If amount is zero please enter 0do not leave any fields blank.)