Question: Pension data for Barry Financial Services Incorporated include the following: ($ in thousands) Discount rate, 7% Expected return on plan assets, 10% Actual return on

Pension data for Barry Financial Services Incorporated include the following: ($ in thousands) Discount rate, 7% Expected return on plan assets, 10% Actual return on plan assets, 9% Service cost, 2024 $ 340 January 1, 2024: Projected benefit obligation 2,450 Accumulated benefit obligation 2,150 Plan assets (fair value) 2,550 Prior service cost AOCI (2024 amortization, $40) 340 Net gain AOCI (2024 amortization, $6) 360 There were no changes in actuarial assumptions. December 31, 2024: Cash contributions to pension fund, December 31, 2024 275 Benefit payments to retirees, December 31, 2024 300

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

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