Check my work mode: This shows what is correct or incorrect for the work you have Pension data for Barry Financial Services Inc. include the following: s in thousands) $ 390 2,780 Discount rate, 7% Expected return on plan assets, 9 Actual return on plan assets, 8% Service cost, 2021 January 1, 2021: Projected benefit obligation Accumulated benefit obligation Plan assets (fair value) Prior service cost-ADCI (2021 amortization, $35) Net sain-ADCT (2021 amortization, $8) 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 2,400 2,800 365 410 325 Required: 1. Determine pension expense for 2021 2. Prepare the journal entries to record (a) pension expense. (b) gains and losses of any). (c) funding, and (d) retiree benefits for 202 x Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Determine pension expense for 2021. (Amounts to be deducted should be indicated with a minus sign. Enter your answers in 30 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 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. Answer is not complete. Complete this question by entering your answers in the tabs below. 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).) $ 390.0 Pension Expense Service cost Interest cost Expected return on plan assets Amortization of prior service cost Amortization of net gain 189.00 28 0 35.0 (80) Pension expense 634.0 Required 2 > 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 2 Answer is not complete. Complete this question by entering your answers in the tabs below. 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 (le, 5,500 should be entered as 5.5) Transaction Debit Credit General Journal Pension expense Plan assets Amortization of net gain - OCI Amortization of prior service cost - OCI PBO 00 000 Loss - OCI Plan assets 280 Plan assets DO Cash 325.0 PBO Oo oo an assets 350 0 3500
