Pension data for Barry Financial Services Inc. include the following: ...
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Accounting
Pension data for Barry Financial Services Inc. include the following:
| ($ in 000s) | |||
| Discount rate, 7% | |||
| Expected return on plan assets, 8% | |||
| Actual return on plan assets, 7% | |||
| Service cost, 2018 | $ | 320 | |
| January 1, 2018: | |||
| Projected benefit obligation | 2,350 | ||
| Accumulated benefit obligation | 2,050 | ||
| Plan assets (fair value) | 2,450 | ||
| Prior service costAOCI (2018 amortization, $30) | 330 | ||
| Net gainAOCI (2018 amortization, $6) | 340 | ||
| There were no changes in actuarial assumptions. | |||
| December 31, 2018: | |||
| Cash contributions to pension fund, December 31, 2018 | 255 | ||
| Benefit payments to retirees, December 31, 2018 | 280 | ||
Required: 1. Determine pension expense for 2018. 2. Prepare the journal entries to record pension expense, gains and losses (if any), funding, and retiree benefits for 2018.
*Record the pension expense.
*Record the gain or loss on assets.
*Record the funding.
*Record the retiree benefits.
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