Pension data for Barry Financial Services Inc. include the following: ion pension expense oumal entries...
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Pension data for Barry Financial Services Inc. include the following: ion pension expense oumal entries LO17-6. LO17-7 $ in thousands) Discount rate, 7% Expected return on plan assets, 10% Actual return on plan assets, 9% Service cost, 2018 January 1, 2018: Projected benefit obligation Accumulated benefit obligation Plan assets (fair value) Prior service cost-AOCI (2018 amortization, $25) Net gain-AOCI (2018 amortization, $6) There were no changes in actuarial assumptions. $ 310 2,300 2,000 2,400 325 330 December 31, 2018 Cash contributions to pension fund, December 31, 2018 Benefit payments to retirees, December 31, 2018 245 270 Required: I. Determine pension expense for 2018. 2. Prepare the journal entries to record pension expense, gains and losses (Gif any), funding, and retiree benefits for 2018
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