Pension data for Barry Financial Services Inc. include the following: Discount rate, 7% Expected return on plan assets, 10% Actual return on plan assets, 9% Service cost, 2024 January 1, 2024: Projected benefit obligation Accumulated benefit obligation Plan assets (fair value) Prior service cost-AOCI (2024 amortization, $25) Net gain-AOCI (2024 amortization, $6) There were no changes in actuarial assumptions. December 31, 2024: Cash contributions to pension fund, December 31, 2024 Benefit payments to retirees, December 31, 2024 Required: 1. Determine pension expense for 2024. 2. Prepare the journal entries to record (a) pension expense. (b) gains and losses (if any). (c) funding, and (d) retiree benefits for 2024. ($ in thousands) $ 310 2,300 2,000 2,400 325 330 245 270

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Employee Benefits

In an organization employees are the most important resource and most important asset. They can lead an organization to the sky or can be the reason for unsuccessful of business. Therefore, it is very much important that employees of an organization should be satisfied by the environment of the organization and most importantly with the salary, wages incentives, etc.