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Exercise 17-11 (Algo) Components of pension expense; journal entries (LO17-6, 17-7] Pension data for Barry Financial Services Inc. include the following: ($ in thousands) $ 370 Discount rate, 7% Expected return on plan assets, 13% Actual return on plan assets, 12% Service cost, 2021 January 1, 2021: Projected benefit obligation Accumulated benefit obligation Plan assets (fair value) Prior service cost-AOCI (2021 amortization, $25) Net gain-AOCI (2021 amortization, $8) There were no changes in actuarial assumptions. December 31, 2021: Cash contributions to pension fund, December 31, 2021 Benefit payments to retirees, December 31, 2021 2,600 2,300 2,700 355 390 305 330 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) re Complete this question by entering your answers in the tabs below. Required 1 Required 2 6 of 8 E Prev Next > Saved ork 6--Chapter 17 Check my work mode : This shows what is correct or incorrect for the work Required: 1. Determine pension expense for 2021. 2. Prepare the journal entries to record (a) pension expense. (b) gains and losses (if any), Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Determine pension expense for 2021. (Amounts to be deducted should be indicated with a mi thousands rounded to 1 decimal place (i.e., 5,500 should be entered as 5.5).) Pension Expense Service cost Interest cost Expected return on plan assets Amortization of prior service cost Amortization of net gain 370.0 182.0 27.0 X 25.0 (8.0) Pension expense 596.0 Required 1 Required 2 > ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F Educational Websites IF IslamicFinder. Accur... Shane Koyczan: To... C Dem 213 Sige cete... National Bu ork 6-Chapter 17 Saved Required 1 Required 2 Prepare the journal entries to record (a) pension expense, (b) gains and losses (if any), (c) fun no entry is required for a transaction/event, select "No journal entry required" in the first accou rounded to 1 decimal place (i.e., 5,500 should be entered as 5.5).) View transaction list Journal entry worksheet Saved ork 6--Chapter 17 Check my work mode : This shows what is correct or incorrect for the work Required: 1. Determine pension expense for 2021. 2. Prepare the journal entries to record (a) pension expense. (b) gains and losses (if any), Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Determine pension expense for 2021. (Amounts to be deducted should be indicated with a mi thousands rounded to 1 decimal place (i.e., 5,500 should be entered as 5.5).) Pension Expense Service cost Interest cost Expected return on plan assets Amortization of prior service cost Amortization of net gain 370.0 182.0 27.0 X 25.0 (8.0) Pension expense 596.0 Required 1 Required 2 > ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F Educational Websites IF IslamicFinder. Accur... Shane Koyczan: To... C Dem 213 Sige cete... National Bu ork 6-Chapter 17 Saved Required 1 Required 2 Prepare the journal entries to record (a) pension expense, (b) gains and losses (if any), (c) fun no entry is required for a transaction/event, select "No journal entry required" in the first accou rounded to 1 decimal place (i.e., 5,500 should be entered as 5.5).) View transaction list Journal entry worksheet

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