Pension Data For Barry Financial Services Inc. Include The Following:

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Pension Data For Barry Financial Services Inc. Include The Following:

($ in 000s) Discount rate, 7% Expected return on plan assets, 10% Actual return on plan assets, 9% Service cost, 2018 $ 310 January 1, 2018: Projected benefit obligation 2,300 Accumulated benefit obligation 2,000 Plan assets (fair value) 2,400 Prior service cost-AOCI (2018 amortization, $25) 325 Net gain-AOCI (2018 amortization, $6) 330 There were no changes in actuarial assumptions. December 31, 2018: Cash contributions to pension fund, December 31, 2018 245 Benefit payments to retirees, December 31, 2018 270 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.
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pension expense = 250
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