Pension data for Barry Financial Services Inc. include the following:     ($ in thousands) Discount rate, 6%       Expected return on plan assets, 8%       Actual return on plan assets, 7%       Service cost, 2021 $ 380   January 1, 2021:       Projected benefit obligation   2,650   Accumulated benefit obligation   2,350   Plan assets (fair value)   2,750   Prior service cost—AOCI (2021 amortization, $30)   360   Net gain—AOCI (2021 amortization, $8)   400   There were no changes in actuarial assumptions.       December 31, 2021:       Cash contributions to pension fund, December 31, 2021   315   Benefit payments to retirees, December 31, 2021   340       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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Q: Pension expense for 2021

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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.