Pension data for Barry Financial Services Inc. Include the following: ($ in thousands) $ 350 Discount rate, 7% Expected return on plan assets, 11% Actual return on plan assets, 18% Service cost, 2021 January 1, 2021: Projected benefit obligation Accumulated benefit obligation Plan assets (fair value) Prior service cost-AOCI (2021 amortization, $45) Net gain-AOCI (2021 amortization, $6) There were no changes in actuarial assumptions. December 31, 2021: Cash contributions to pension fund, December 31, 2021 Benefit payments to retirees, December 31, 2021 2,5ee 2,200 2,600 345 370 285 310 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. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Determine pension expense for 2021. (Amounts to be deducted should be indicated with a minus sign. Enter your answers in thousands rounded to 1 decimal place (1.e., 5,500 should be entered as 5.5). $ Pension Expense Service cost Interest cost Expected return on plan assets Amortization of prior service cost Amortization of net gain 350.0 175.0 (286.0) 45.0 (6.0) Pension expense $ 278.0 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. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the journal entries to record (a) pension expense, (b) gains and losses (if any), (c) funding, and (d) retiree benefits for 2021. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in thousands rounded to 1 decimal place (i.e., 5,500 should be entered as 5.5).) General Journal Credit No Transaction Pension expense Plan assets Amortization of net gain - OCI Amortization of prior service cost - OCI PBO Debit 278.0 286.0 6.0 45.0 525.0 Loss - OCI Plan assets 29.0 % Oo oo oo oo 2,600.0 % Plan assets Cash 2,600.0 % 310.0 PBO Plan assets 310.0