Ch.17 Q.3

Pension data for Barry Financial Services Inc. include the following: ($ in thousands) $ 320 Discount rate, 7% Expected return on plan assets, 8% Actual return on plan assets, 7% Service cost, 2021 January 1, 2021: Projected benefit obligation Accumulated benefit obligation Plan assets (fair value) Prior service cost-AOCI (2021 amortization, $30) Net gain-AOCI (2021 amortization, $6) 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 2,350 2,050 2,450 330 340 255 280 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 $ 0.0 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. (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).) View transaction list Journal entry worksheet Record the pension expense. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal