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Pension data for Barry Financial Services Incorporated include the following: Required: 1. Determine pension expense for 2024. 2. Prepare the journal entries to record (a)

Pension data for Barry Financial Services Incorporated include the following:

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Required:

1. Determine pension expense for 2024.

2. Prepare the journal entries to record (a) pension expense, (b) gains and losses (if any), (c) funding, and (d) retiree benefits for 2024.

image text in transcribed

image text in transcribed

image text in transcribed

image text in transcribed

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All of the account titles are correct, just need the numbers.

( $ in thousands) Discount rate, 7% Expected return on plan assets, 10% Actual return on plan assets, 9% Service cost, 2024 January 1, 2024 : Projected benefit obligation Accumulated benefit obligation Plan assets (fair value) Prior service cost-AOCI (2024 amortization, \$25) Net gain-AOCI (2024 amortization, \$6) There were no changes in actuarial assumptions. December 31, 2024: Cash contributions to pension fund, December 31, 2024 245 Benefit payments to retirees, December 31,2024 270 Determine pension expense for 2024 . Note: Amounts to be deducted should be indicated with be entered as 200). Journal entry worksheet 4 Record the pension expense. Note: Enter debits before credits. Journal entry worksheet Record the gain or loss on assets. Note: Enter debits before credits. Journal entry worksheet Record the funding. Note: Enter debits before credits. Journal entry worksheet 1 Record the retiree benefits. Note: Enter debits before credits

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