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, 7%
Expected return on plan assets, 13%
Actual return on plan assets, 12%
Service cost, 2016	$	490
January 1, 2016:
Projected benefit obligation		3,200
Accumulated benefit obligation		2,900
Plan assets (fair value)		3,300
Prior service costAOCI (2016 amortization, $25)		415
Net gainAOCI (2016 amortization, $12)		510
There were no changes in actuarial assumptions.
December 31, 2016:
Cash contributions to pension fund, December 31, 2016		425
Benefit payments to retirees, December 31, 2016		450

(For all 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.)

2.	Prepare the journal entries to record pension expense, gains and losses (if any), funding, and retiree benefits for 2016. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

Pension Expense Pension expense 0.0