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

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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, $9 %$

Actual return on plan assets, $8 %$

Service cost, $2024$ $ $390$

January $1, 2024$ :

Projected benefit obligation $2, 700$

Accumulated benefit obligation $2, 400$

Plan assets $($ fair value $) 2, 800$

Prior service cost AOCI $(2024$ amortization, $ $35) 365$

Net gain AOCI $(2024$ amortization, $ $8) 410$

There were no changes in actuarial assumptions.

December $31, 2024$ :

Cash contributions to pension fund, December $31, 2024 325$

Benefit payments to retirees, December $31, 2024 350$

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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