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Pension data for Barry Financial Services Incorporated include the following: ...

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Accounting

Pension data for Barry Financial Services Incorporated include the following:
($ in thousands)
Discount rate, 7%
Expected return on plan assets, 10%
Actual return on plan assets, 9%
Service cost, 2024 $ 460
January 1,2024:
Projected benefit obligation 3,050
Accumulated benefit obligation 2,750
Plan assets (fair value)3,150
Prior service cost AOCI (2024 amortization, $40)400
Net gain AOCI (2024 amortization, $12)480
There were no changes in actuarial assumptions.
December 31,2024:
Cash contributions to pension fund, December 31,2024395
Benefit payments to retirees, December 31,2024420
Required:
Determine pension expense for 2024.
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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