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

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

	($ in 000s)
Discount rate, 6%
Expected return on plan assets, 8%
Actual return on plan assets, 7%
Service cost, 2018	$	380
January 1, 2018:
Projected benefit obligation		2,650
Accumulated benefit obligation		2,350
Plan assets (fair value)		2,750
Prior service costAOCI (2018 amortization, $30)		360
Net gainAOCI (2018 amortization, $8)		400
There were no changes in actuarial assumptions.
December 31, 2018:
Cash contributions to pension fund, December 31, 2018		315
Benefit payments to retirees, December 31, 2018		340

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.