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Required: 1. Determine pension expense for 2018. 2. Prepare the journal entries to record pension expense, gains and losses (if any), funding, and retiree benefits
Required: 1. Determine pension expense for 2018. 2. Prepare the journal entries to record pension expense, gains and losses (if any), funding, and retiree benefits for 2018.
Pension data for Barry Financial Services Inc. include the following: ($ in 000s Discount rate, 7% Expected return on Actual return on plan assets, 10% plan assets, 9 % Service cost, 2018 January 1, 2018 Projected benefit obligation Accumulated benefit obligation Plan assets (fair value) Prior service cost-A0CI (2018 amortization, $40) Net gain-A0CI (2018 amortization, $12) There were no 460 3,050 2,750 3,150 400 480 changes in actuarial assumptions. December 31, 2018: Cash contributions to pension fund, December 31, 2018 Benefit payments to retirees, December 31, 2018 395 420Step by Step Solution
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