Exercise $17-11($Algo$)$ Components of pension expense; journal entries $[$LO$17-6,17-7]$

Pension data for Barry Financial Services Incorporated include the following:

Discount rate, $7\%$

Expected return on plan assets, $10\%$

Actual return on plan assets, $9\%$

Service cost, $2024$

January $1,2024$ :

Projected benefit obligation

$3,050$

Accumulated benefit obligation

Plan assets $($fair value$)$

Prior service cost$-$ AOCI $(2024$ amortization, $$40)$

Net gain$-$ AOCI $(2024$ amortization, $$12)$

There were no changes in actuarial assumptions.

December $31,2024$ :

Cash contributions to pension fund, December $31,2024$

$($$ in thousands$)$

Benefit payments to retirees, December $31,2024$

Required:

Determine pension expense for $2024.$

Prepare the journal entries to record $($a$)$ pension expense, $($b$)$ gains and losses $($if any$),($c$)$ funding, and $($d$)$ retiree benefits for $2024.$

Complete this question by entering your answers in the tabs below.

Prepare the journal entries to record $($a$)$ pension expense, $($b$)$ gains and losses $($if any$),($c$)$ funding, and $($d$)$ retiree benefits for $2024.$

Note: 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 $5\mathrm{.}5).$