Exercise 20-7The following defined pension data of Rydell Corp. apply to the yea

Exercise 20-7The following defined pension data of Rydell Corp. apply to the year 2012.Projected benefit obligation 1/1/12 (before amendment) $561800Plan assets 1/1/12 540800Pension liability 21000On January 1 2012 Rydell Corp. through plan amendmentgrants prior service benefits having a present value of 124000Settlement rate 10 %Service cost 60000Contributions (funding) 73100Actual (expected) return on plan assets 62000Benefits paid to retirees 45700Prior service cost amortization for 2012 17500For 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.