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Pension data for Barry Financial Services Inc. include the following (S in 000s) Discount rate, 7% Expected return on plan assets, 10% Actual return on
Pension data for Barry Financial Services Inc. include the following (S in 000s) Discount rate, 7% Expected return on plan assets, 10% Actual return on plan assets, 9% Service cost, 2016 January 1, 2016 Projected benefit obligation Accumulated benefit obligation Plan assets (fair value) Prior service cost-AOCI (2016 amortization, $25) Net gain-AOCI (2016 amortization, $6) There were no changes in actuarial assumptions December 31, 2016 Cash contributions to pension fund, December 31, 2016 Benefit payments to retirees, December 31, 2016 $ 310 2,300 2,000 2,400 325 330 245 270 (For all requirements, enter your answers in thousands (i.e. 200,000 should be entered as 200).) Required 1. Determine pension expense for 2016. (Amounts to be deducted should be indicated with a minus sign.) Pension Expense Service cost Interest cost Expected return on assets Amortization of prior service cost Amortization of net gain 310 161 (240) 25 Pension expense 250 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.) NOT REQUIRED 3. What is the ending balance of plan assets at 12/31/2016
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