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Pension data for Barry Financial Services Incorporated include the following: Discount rate, 7% ...

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Accounting

Pension data for Barry Financial Services Incorporated include the following:

Discount rate, $7 %$

$($ $ in thousands $)$

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, $ $45)$

Net gain $-$ AOCI $(2024$ amortization, $ $6)$

There were no changes in actuarial assumptions.

December $31, 2024$ :

Cash contributions to pension fund, December $31, 2024285$

Benefit payments to retirees, December $31, 2024, 310$

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 $2024 .$

Complete this question by entering your answers in the tabs below.

Prepare the journal entries to record $($ a $)$ pension expense, $($ b $)$ gains and losses $($ if any $), ($ c $)$ funding, and $($ d $)$ retiree benefits for $2024 .$

Note: If no entry is required for a transaction $/$ event $,$ select $"$ No journal entry required" in the first account field. Enter your answers in

thousands rounded to $1$ decimal place $($ i $.$ e $., 5, 500$ should be entered as $5.5) .$

Answer & Explanation Solved by verified expert

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