5.

Pension data for Barry Financial Services Inc. include the following: ($ in thousands) $ 420 Discount rate, 7% Expected return on plan assets, 12% Actual return on plan assets, 11% Service cost, 2021 January 1, 2021: Projected benefit obligation Accumulated benefit obligation Plan assets (fair value) Prior service cost-AOCI (2021 amortization, $50) Net gain-AOCI (2021 amortization, $10) There were no changes in actuarial assumptions. December 31, 2021: Cash contributions to pension fund, December 31, 2021 Benefit payments to retirees, December 31, 2021 2,850 2,550 2,950 380 440 355 380 Required: 1. Determine pension expense for 2021. 2. Prepare the journal entries to record (a) pension expense, (b) gains and losses (if any), (c) funding, and (d) retiree benefits for 2021. Required 1 Required 2 Determine pension expense for 2021. (Amounts to be deducted should be indicated with a minus sign. Enter your answers in thousands rounded to 1 decimal place (i.e., 5,500 should be entered as 5.5).) Pension Expense Service cost $ 420.0 199.5 (354.0) Interest cost Expected return on plan assets Amortization of prior service cost Amortization of net gain Pension expense $ 265.5 Required 1 Required 2 Prepare the journal entries to record (a) pension expense, (b) gains and losses (if any), (c) funding, and (d) retiree benefits for 2021. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in thousands rounded to 1 decimal place (i.e., 5,500 should be entered as 5.5).) View transaction list View journal entry worksheet ........... No Transaction General Journal Debit Credit A A Pension expense Plan assets Amortization of net gain - OCI B B Loss - OCI Plan assets Plan assets Cash D D PBO Plan assets