Chapter 17 (8.)

Pension data for Barry Financial Services Inc. include the following:

	($ in 000s)
Discount rate, 7%
Expected return on plan assets, 10%
Actual return on plan assets, 9%
Service cost, 2018	$	460
January 1, 2018:
Projected benefit obligation		3,050
Accumulated benefit obligation		2,750
Plan assets (fair value)		3,150
Prior service costAOCI (2018 amortization, $40)		400
Net gainAOCI (2018 amortization, $12)		480
There were no changes in actuarial assumptions.
December 31, 2018:
Cash contributions to pension fund, December 31, 2018		395
Benefit payments to retirees, December 31, 2018		420

Required: 1. Determine pension expense for 2018. 2. Prepare the journal entries to record pension expense, gains and losses (if any), funding, and retiree benefits for 2018.