Question: Pension data for Barry Financial Services Incorporated include the following: Discount rate, 7% Expected return on plan assets, 11% Actual return on plan assets,

Pension data for Barry Financial Services Incorporated include the following: Discount rate,

Pension data for Barry Financial Services Incorporated include the following: Discount rate, 7% Expected return on plan assets, 11% Actual return on plan assets, 10% Service cost, 2024 January 1, 2024: Projected benefit obligation Accumulated benefit obligation Plan assets (fair value) Prior service cost- AOCI (2024 amortization, $45) ($ in thousands) $ 470 3,100 2,800 3,200 405 490 Net gain- AOCI (2024 amortization, $12) There were no changes in actuarial assumptions. Cash contributions to pension fund, December 31, 2024 December 31, 2024: Benefit payments to retirees, December 31, 2024 Required: 1. Determine pension expense for 2024. 405 430 2. Prepare the journal entries to record (a) pension expense, (b) gains and losses (if any), (c) funding, and (d) retiree benefits for 2024. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Determine pension expense for 2024. Note: 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 < Required 1 Required 2 >

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