Question: Pension data for Mars Corp., include the following: ($ in thousands) Discount rate, 6% Expected return on plan assets, 10% Actual return on plan assets,

Pension data for Mars Corp., include the following: ($ in thousands) Discount rate, 6% Expected return on plan assets, 10% Actual return on plan assets, 11% Service cost, 2021 $112 January 1, 2021: Projected benefit obligation Accumulated benefit obligation Plan assets (fair value) Prior service cost - AOCI (2021 amortization, $8) Net loss - AOCI (2021 amortization $1) There were no changes in actuarial assumptions. 850 800 900 80 101 December 31, 2021: Cash contributions to pension fund, December 31, 2021 Benefit payments to retirees, December 31, 2021 20 10 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

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