Pension data for Barry Financial Services Incorporated include the following: ($ in thousands) Discount rate, 7% 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: Benefit payments to retirees, December 31, 2024 Cash contributions to pension fund, December 31, 2024 $ 500 3,250 2,950 3,350 420 520 435 460 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. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required Required 1 2 Prepare the journal entries to record (a) pension expense, (b) gains and losses (if any), (c) funding, and (d) retiree benefits for 2024. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in thousands rounded to 1 decimal place (i.e., 5,500 should be entered as 5.5). Show less Credit No 1 Transaction General Journal 1 Pension expense Plan assets Amortization of net gain - OCI Amortization of prior service cost - OCI PBO 2 2 Loss - OCI Plan assets Debit 1,037 EX) 268.0 12.0 30.0 1,287.5 33.5 33.5 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. > Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required Required 1 2 Prepare the journal entries to record (a) pension expense, (b) gains and losses (if any), (c) funding, and (d) retiree benefits for 2024. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in thousands rounded to 1 decimal place (i.e., 5,500 should be entered as 5.5). No Transaction General Journal 1 1 Pension expense Plan assets Show less Credit Debit 1,037 Ex 268.0 Amortization of net gain - OCI Amortization of prior service cost - OCI PBO 12.0 30.0 1,287.5X) 2 2 Loss - OCI Plan assets 3 33.5 33.5 3 3 Plan assets 435.0 Cash 435.0 4 4 PBO 460.0 Plan assets 460.0 < Required 1 Required 2 > 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. Answer is compiete put not entirely correct. Complete this question by entering your answers in the tabs below. Required Required 1 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 (i.e., 5,500 should be entered as 5.5). Pension Expense Service cost $ 500.0 Interest cost 227.5 Expected return on plan 268.0X assets Amortization of prior service 30.0 cost Amortization of net gain 12.0x $ Pension expense 1,037.5 < Required 1 Required 2 > Show less