Pension data for Barry Financial Services include the following: ($ in 000s) Discount rate, 7%...
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Pension data for Barry Financial Services include the following: ($ in 000s) Discount rate, 7% Actual return on plan assets, 9% Service cost, 2021 January 1, 2021 Defined benefit obligation Accumulated benefit obligation Plan assets (fair value) Past service cost $ 310 2,300 2,000 2,400 325 Actuarial valuation gain December 31, 2021: Cash contributions to pension fund, December 31, 2021 Benefit payments to retirees, December 31, 2021 330 245 270 Required: 1. Determine the defined benefit expense for 2021. 2. Prepare the journal entries to record defined benefit expense, other comprehensive income, funding, and retiree benefits
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