Pension data for Barry Financial Services Incorporated include the following:

$($$ in thousands$)$

Discount rate, $78$

Expected return on plan assets, $138$

Actual return on plan assets, $128$

Service cost, $2024$ $ $430$

January $1,2024$ Balances:

Projected benefit obligation

Accumulated benefit obligation

Plan assets $($fair value$)$

$2,900$

$2,600$

$3,000$

Present value of Prior service cost$-$

Remaining years of service $10$ years.

$300$

Net gain$-($remaining years of service $10$ years$)$

$500$

There were no changes in actuarial assumptions.

December $31,2024$ :

Cash contributions to pension fund, December $31,2024$

$365$

Benefit payments to retirees, December $31,2024$

$390$

Required:

Determine pension expense for $2024.$

Prepare the necessary journal entries to record pension expense and other items.