Reference no: EM132499220
Question - Pension data for Barry Financial Services Inc. include the following:
($ in thousands)Discount rate, 7%
Expected return on plan assets, 13%
Actual return on plan assets, 12%
Service cost, 2021 $490
January 1, 2021: Projected benefit obligation 3,200
Accumulated benefit obligation 2,900
Plan assets (fair value) 3,300
Prior service cost-AOCI (2021 amortization, $25) 415
Net gain-AOCI (2021 amortization, $12) 510
There were no changes in actuarial assumptions.
December 31, 2021:
Cash contributions to pension fund, December 31, 2021 425
Benefit payments to retirees, December 31, 2021 450
Required -
1. Determine pension expense for 2021.
2. Prepare the journal entries to record (a) pension expense, (b) gains and losses (if any), (c) funding, and (d) retiree benefits for 2021.
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