Pension data for Barry Financial Services Incorporated include the following:

Discount rate, $7\%$

$($$ in thousands$)$

Expected return on plan assets, $8\%$

Actual return on plan assets, $7\%$

Service cost, $2024$

January $1,2024$:

Projected benefit obligation

Accumulated benefit obligation

Plan assets $($fair value$)$

Prior service cost$-$ AOCI $(2024$ amortization, $$30)$

Net gain$-$ AOCI $(2024$ amortization, $$12)$

There were no changes in actuarial assumptions.

December $31,2024$:

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

$$500$

Benefit payments to retirees, December $31,2024$

$3,250$

$2,950$

$3,350$

$420$

$520$

Required:

Determine pension expense for $2024.$

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 $1$

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 $($i$.$e$.,5,500$ should be entered as $5\mathrm{.}5).$

Pension Expense