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Pension data for Barry Financial Services Incorporated include the following: Discount rate, 7% Expected return on plan assets, 12% Actual return on plan assets,
Pension data for Barry Financial Services Incorporated include the following: Discount rate, 7% Expected return on plan assets, 12% Actual return on plan assets, 11% Service cost, 2024 January 1, 20241 Projected benefit obligation. Accumulated benefit obligation Plan assets (fair value) Prior service cost- AOCI (2024 amortization, $50) Net gain- AOCI (2024 amortization, $8) There were no changes in actuarial assumptions. December 31, 20241 Cash contributions to pension fund, December 31, 2024 Benefit payments to retirees, December 31, 2024 Required: 1. Determine pension expense for 2024. (5 in thousands) $ 360 2,550 2,250 2,650 350 380 295 320 2. Prepare the journal entries to record (a) pension expense, (b) gains and losses (if any). (c) funding, and (d) retiree benefits for 2024. ces 2. Prepare the journal entries to record (a) pension expense, (b) gains and losses (if any), (c) funding, and (d) retiree benefits for 2024. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Determine pension expense for 2024. Note: 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 Pension expense $ 0.0
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