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Exercise 17-11 (Algo) Components of pension expense; journal entries [LO17-6, 17-7] Pension data for Barry Financial Services Inc. include the following: ($ in thousands) Discount

Exercise 17-11 (Algo) Components of pension expense; journal entries [LO17-6, 17-7]

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

($ in thousands)
Discount rate, 7%
Expected return on plan assets, 12%
Actual return on plan assets, 11%
Service cost, 2021 $ 480
January 1, 2021:
Projected benefit obligation 3,150
Accumulated benefit obligation 2,850
Plan assets (fair value) 3,250
Prior service costAOCI (2021 amortization, $50) 410
Net gainAOCI (2021 amortization, $12) 500
There were no changes in actuarial assumptions.
December 31, 2021:
Cash contributions to pension fund, December 31, 2021 415
Benefit payments to retirees, December 31, 2021 440

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.

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