Question: answer all parts. i will thumbs up for correct asmwers and fast response. Pension data for Barry Financial Services Inc. Include the following: ($ in


Pension data for Barry Financial Services Inc. Include the following: ($ in thousands) 380 Discount rate, 68 Expected return on plan anseta, 8 Actual return on plan assets, 76 Service cost, 2021 January 1, 2021. Projected benefit obligation Accumulated benefit obligation Plan asseta (fair value) Prior service cont-AOCI (2021 amortization, $30) Not gain-AOCI (2021 amortization, $8) There were no changes in actuarial assumptions. December 31, 2021. Cash contributions to pension fund, December 31, 2021 Benefit payments to retirees, December 31, 2021 2,650 2,350 2,750 360 400 315 340 Required: 1. Determine pension expense for 2021. 2. Prepare the journal entries to record (a) pension expense, (b) gains and losses (if any). (c) funding, and (d) retiree benefits for 2021 Required 1 Required 2 Determine pension expense for 2021. (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 Pension expense Required 1 Required 2 Prepare the journal entries to record (a) pension expense, (b) gains and losses (If any), (c) funding, and (d) retiree benefits for 2021. no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in thousan rounded to 1 decimal place (1.e., 5,500 should be entered as 5.5).) View transaction list Journal entry worksheet B C D Record the pension expense. Note: Enter debits before credits Debit General Journal Transaction Credit
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
