Pension data for Barry Financial Services Inc. include the following: ...
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Accounting
Pension data for Barry Financial Services Inc. include the following:
($ in thousands)
Discount rate, 7%
Expected return on plan assets, 10%
Actual return on plan assets, 9%
Service cost, 2021
$
310
January 1, 2021:
Projected benefit obligation
2,300
Accumulated benefit obligation
2,000
Plan assets (fair value)
2,400
Prior service costAOCI (2021 amortization, $25)
325
Net gainAOCI (2021 amortization, $6)
330
There were no changes in actuarial assumptions.
December 31, 2021:
Cash contributions to pension fund, December 31, 2021
245
Benefit payments to retirees, December 31, 2021
270
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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