Pension data for Barry Financial Services Inc. include the following:

($ in thousands)

Discount rate, 7%

Expected return on plan assets, 10%

Actual return on plan assets, 9%

Service cost, 2018.........................................................................$ 310

January 1, 2018:

Projected benefit obligation.............................................................2,300

Accumulated benefit obligation........................................................2,000

Plan assets (fair value) ...................................................................2,400

Prior service cost-AOCI (2018 amortization, $25) ..................................325

Net gain-AOCI (2018 amortization, $6) ..............................................330

There were no changes in actuarial assumptions.

December 31, 2018:

Cash contributions to pension fund, December 31, 2018............................245

Benefit payments to retirees, December 31, 2018....................................270

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.