Pension data for Barry Financial Services Inc include the following ($ in thousands) Discount rate, 7 Expected return on plan assets, 8 Actual return on plan assets, 7 Service cost, 2021 $ 500 January 1, 2021 Projected benefit obligation 3,250 Accumulated benefit obligation 2,950 Plan assets (fair value) 3,350 Prior service costAOCI (2021 amortization, $30) 420 Net gainAOCI (2021 amortization, $12) 520 There were no changes in actuarial assumptions December 31, 2021 Cash contributions to pension fund, December 31, 2021 435 Benefit payments to retirees, December 31, 2021 460 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

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Question: Pension data for Barry Financial Services Inc. include the following: ($ in thousands) Discount rate, 7% Expected return on plan assets, 8% Actual return on

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

	($ in thousands)
Discount rate, 7%
Expected return on plan assets, 8%
Actual return on plan assets, 7%
Service cost, 2021	$	500
January 1, 2021:
Projected benefit obligation		3,250
Accumulated benefit obligation		2,950
Plan assets (fair value)		3,350
Prior service costAOCI (2021 amortization, $30)		420
Net gainAOCI (2021 amortization, $12)		520
There were no changes in actuarial assumptions.
December 31, 2021:
Cash contributions to pension fund, December 31, 2021		435
Benefit payments to retirees, December 31, 2021		460

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.

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