Question: Pension data for Barry Financial Services Incorporated include the following: Discount rate, 7% Expected return on plan assets, 8% Actual return on plan assets, 7%

Pension data for Barry Financial Services Incorporated include the following: Discount rate, 7% Expected return on plan assets, 8% Actual return on plan assets, 7% Service cost, 2024 January 1, 2024: Projected benefit obligation Accumulated benefit obligation Plan assets (fair value) Prior service cost- AOCI (2024 amortization, $30) Net gain- AOCI (2024 amortization, $6) There were no changes in actuarial assumptions. December 31, 2024: Cash contributions to pension fund, December 31, 2024 Benefit payments to retirees, December 31, 2024 Required: ($ in thousands) $ 320 2,350 2,050 2,450 330 340 255 280 1. Determine pension expense for 2024. 2. Prepare the journal entries to record (a) pension expense, (b) gains and losses (if any), (c) funding, and (d) retiree benefits for 2024.

Pension data for Barry Financial Services Incorporated include the following: Required: 1. Determine pension expense for 2024 . 2. 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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