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 000s)
Discount rate, 7%
Expected return on plan assets, 8%
Actual return on plan assets, 7%
Service cost, 2018
$
320
January 1, 2018:
Projected benefit obligation
2,350
Accumulated benefit obligation
2,050
Plan assets (fair value)
2,450
Prior service costAOCI (2018 amortization, $30)
330
Net gainAOCI (2018 amortization, $6)
340
There were no changes in actuarial assumptions.
December 31, 2018:
Cash contributions to pension fund, December 31, 2018
255
Benefit payments to retirees, December 31, 2018
280
Required:1. Determine pension expense for 2018. 2. Prepare the journal entries to record pension expense, gains and losses (if any), funding, and retiree benefits for 2018.
*Record the pension expense.
*Record the gain or loss on assets.
*Record the funding.
*Record the retiree benefits.
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