Pension data for Barry Financial Services Inc. include the following: ($ in thousands) Discount rate, 7% Expected return on plan assets, 13% Actual return on plan assets, 12% Service cost, 2021 $ 370 January 1, 2021: Projected benefit obligation 2,600 Accumulated benefit obligation 2,300 Plan assets (fair value) 2,700 Prior service costAOCI (2021 amortization, $25) 355 Net gainAOCI (2021 amortization, $8) 390 There were no changes in actuarial assumptions. December 31, 2021: Cash contributions to pension fund, December 31, 2021 305 Benefit payments to retirees, December 31, 2021 330 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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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 (i.e., 5,500 should be entered as 5.5).)

Pension Expense
Pension expense