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Pension data for Barry Financial Services Inc. include the following: ($ in thousands) Discount rate, 7% Expected return on plan assets, 11% Actual return on

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

($ in thousands)

Discount rate, 7%

Expected return on plan assets, 11%

Actual return on plan assets, 10%

Service cost, 2021

$

410

January 1, 2021:

Projected benefit obligation

2,800

Accumulated benefit obligation

2,500

Plan assets (fair value)

2,900

Prior service costAOCI (2021 amortization, $45)

375

Net gainAOCI (2021 amortization, $10)

430

There were no changes in actuarial assumptions.

December 31, 2021:

Cash contributions to pension fund, December 31, 2021

345

Benefit payments to retirees, December 31, 2021

370

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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