Pension data for Barry Financial Services Inc include the following ($ in 000s) Discount rate, 7 Expected return on plan assets, 8 Actual return on plan assets, 7 Service cost, 2018 $ 320 January 1, 2018 Projected benefit obligation 2,350 Accumulated benefit obligation 2,050 Plan assets (fair value) 2,450 Prior service costAOCI (2018 amortization, $30) 330 Net gainAOCI (2018 amortization, $6) 340 There were no changes in actuarial assumptions December 31, 2018 Cash contributions to pension fund, December 31, 2018 255 Benefit payments to retirees, December 31, 2018 280 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 Record the pension expense Record the gain or loss on assets Record the funding Record the retiree benefits

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Question: Pension data for Barry Financial Services Inc. include the following: ($ in 000s) Discount rate, 7% Expected return on plan assets, 8% Actual return on

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

	($ in 000s)
Discount rate, 7%
Expected return on plan assets, 8%
Actual return on plan assets, 7%
Service cost, 2018	$	320
January 1, 2018:
Projected benefit obligation		2,350
Accumulated benefit obligation		2,050
Plan assets (fair value)		2,450
Prior service costAOCI (2018 amortization, $30)		330
Net gainAOCI (2018 amortization, $6)		340
There were no changes in actuarial assumptions.
December 31, 2018:
Cash contributions to pension fund, December 31, 2018		255
Benefit payments to retirees, December 31, 2018		280

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.

*Record the pension expense.

*Record the gain or loss on assets.

*Record the funding.

*Record the retiree benefits.

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