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Exercise 17-11 Components of pension expense, journal entries ILO17-617-7] Pension data for Barry Financial Services Inc. include the following: in 000s) Discount rate, 7% Expected
Exercise 17-11 Components of pension expense, journal entries ILO17-617-7] Pension data for Barry Financial Services Inc. include the following: in 000s) Discount rate, 7% Expected return on plan assets, 12% Actual return on plan assets, 11% 480 Service cost, 2016 January 1, 2016: 3,150 Projected benefit obligation 2,850 Accumulated benefit obligation 3,250 Plan assets (fair value) Prior service cost-AOCI (2016 amortization, $50) 410 500 Net gain-ACCI (2016 amortization, $12) There were no changes in actuarial assumptions. December 31, 2016: Cash contributions to pension fund, December 31, 2016 415 Benefit payments to retirees, December 31, 2016 440 (For a requirements, enter your answers in thousands rounded to 1 decimal place (i.e., 5,500 should be entered as 5.5).) Required: 1. Determine pension expense for 2016. (Amounts to be deducted should be indicated with a minus sign.) Pension Expense
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