Pension data for Barry Financial Services Inc. include the following: ($ in 000s) $ 480 Discount rate, 7% Expected return on plan assets, 12% Actual return on plan assets, 11% Service cost, 2018 January 1, 2018: Projected benefit obligation Accumulated benefit obligation Plan assets (fair value) Prior service cost-AOCI (2018 amortization, $50) Net gain-AOCI (2018 amortization, $12) There were no changes in actuarial assumptions. December 31, 2018: Cash contributions to pension fund, December 31, 2018 Benefit payments to retirees, December 31, 2018 3,150 2,850 3,250 410 500 415 440 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. Pension Expense Service cost $ 480.0 Interest cost 221.0 X (390.0) Expected return on assets Amortization of prior service cost Amortization of net gain 50.0 (12.0) Pension expense $ 349.0 No Event General Journal Debit Credit 1 1 Pension expense 349.0 Plan assets 333.0 12.0 Amortization of net gainOCI Amortization of prior service cost-OCI 50.0 PBO 701.0 X 2 2 Amortization of net lossOCI 33.0 X Plan assets 33.0 X 3 3 Plan assets 415.0 Cash 415.0 4 4 PBO 440.0 Plan assets 440.0