Pension data for Barry Financial Services Inc. include the following: ($ in thousands) Discount rate, 7%...

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Pension data for Barry Financial Services Inc. include the following: ($ in thousands) Discount rate, 7% Expected return on plan assets, 12% Actual return on plan assets, 11% Service cost, 2021 January 1, 2021: Projected benefit obligation Accumulated benefit obligation Plan assets (fair value) Prior service cost-A0CI (2021 amortization, $50) Net gain-A0CI (2021 amortization, $12) There were no changes in actuarial assumptions. December 31, 2021: Cash contributions to pension fund, December 31, 2021 Benefit payments to retirees, December 31, 2021 480 3,150 2,850 3,250 410 500 415 440 Required: 1. Determine pension expense for 2021. 2. Prepare the journal entries to record (a) pension expense, (b) gains and losses (if any), (c) funding, and (d) retiree benefits for 2021. Required 1 Required 2 Determine pension expense for 2021. (Amounts to be deducted should be indicated with a minus sign. Enter your answers in thousands rounded to 1 decimal place (i.e., 5,500 should be entered as 5.5).) Pension Expense Pension expense 0.0 View transaction list X: Record the pension expense. > A B Record the gain or loss on assets. Record the funding. D Record the retiree benefits. Credit Note : = journal entry has been entered Pension data for Barry Financial Services Inc. include the following: ($ in thousands) Discount rate, 7% Expected return on plan assets, 12% Actual return on plan assets, 11% Service cost, 2021 January 1, 2021: Projected benefit obligation Accumulated benefit obligation Plan assets (fair value) Prior service cost-A0CI (2021 amortization, $50) Net gain-A0CI (2021 amortization, $12) There were no changes in actuarial assumptions. December 31, 2021: Cash contributions to pension fund, December 31, 2021 Benefit payments to retirees, December 31, 2021 480 3,150 2,850 3,250 410 500 415 440 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. Required 1 Required 2 Determine pension expense for 2021. (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 Pension expense 0.0 View transaction list X: Record the pension expense. > A B Record the gain or loss on assets. Record the funding. D Record the retiree benefits. Credit Note : = journal entry has been entered

Answer rating: 100% (QA)

Answer Required 1 Service Cost 4800 Interest Cost 31507 2205 Expected rate of return 3575 actual pl... View the full answer