CHAPTER 17 (8.)

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

	($ in 000s)
Discount rate, 7%
Expected return on plan assets, 10%
Actual return on plan assets, 9%
Service cost, 2018	$	460
January 1, 2018:
Projected benefit obligation		3,050
Accumulated benefit obligation		2,750
Plan assets (fair value)		3,150
Prior service costAOCI (2018 amortization, $40)		400
Net gainAOCI (2018 amortization, $12)		480
There were no changes in actuarial assumptions.
December 31, 2018:
Cash contributions to pension fund, December 31, 2018		395
Benefit payments to retirees, December 31, 2018		420

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.

BELOW ARE THE PICTURES OF THE ANSWERS I GOT WRONG

Required 1 Required 2 Determine pension expense for 2018. (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 Interest cost Expected return on assets Amortization of prior service cost Amortization of net gain 460.0 213.0 X (315.0) 40.0 (12.0) Pension expense $ 386.0 Required 1 Required 2 Prepare the journal entries to record pension expense, gains and losses (if any), funding, and retiree benefits for 2018. (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 Event General Journal Credit Pension expense Plan assets Amortization of net gainOCI Amortization of prior service cost-OCI PBO Debit 386.0 315.0 12.0 40.0 673.0 31.5 Loss-OCI Plan assets 31.5 395.0 Plan assets Cash 395.0 PBO 420.0 Plan assets 420.0