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Pension data for Barry Financial Services Inc. include the following: ($ in thousands) $ 380 Discount rate, 6% Expected return on plan assets, 8% Actual
Pension data for Barry Financial Services Inc. include the following: ($ in thousands) $ 380 Discount rate, 6% Expected return on plan assets, 8% Actual return on plan assets, 7% Service cost, 2021 January 1, 2021: Projected benefit obligation Accumulated benefit obligation Plan assets (fair value) Prior service cost-AOCI (2021 amortization, $30) Net gain-AOCI (2021 amortization, $8) 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 2,650 2,350 2,750 360 400 315 340 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. Required 1 Required 2 Determine pension expense for 2021. (Amounts to be deducted should be indicated with a thousands rounded to 1 decimal place (i.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 380.0 159.0 221.0 % 30.0 (8.0) Pension expense $ 782.0 Required 1 Required 2 Prepare the journal entries to record (a) pension expense, (b) gains and losses (if any), (c) funding, and (d) retiree ber for 2021. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. En your answers in thousands rounded to 1 decimal place (i.e., 5,500 should be entered as 5.5).) Credit No A Transaction A General Journal Pension expense Plan assets Amortization of net gain - OCI Amortization of prior service cost - OCI PBO Debit 340.0 % 221.0 % 8.0 30.0 539.0 B B 28.0 X Loss - OCI Plan assets 28.0 315.0 Plan assets Cash 315.0 D D PBO 340.0 Plan assets 340.0
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