Pension data for Barry Financial Services Incorporated include the following: Number in thousands: Discount rate, 7% Expected return on plan assets, 13% Actual return on plan assets, 12% Service cost, 2024 $430 January 1, 2024 Balances: Projected benefit obligation: $2900 Accumulated benefit obligation: $2600 Plan assets (fair value): $3000 Present value of Prior service cost- Remaining years of service 10 years: $300 Net gain- (remaining years of service 10 years) There were no changes in actuarial assumptions: $500

December 31, 2024: Cash contributions to pension fund, December 31, 2024: $365 Benefit payments to retirees, December 31, 2024: $390

Required: 1. Determine pension expense for 2024. 2. Prepare the necessary journal entries to record pension expense and other items.