Hi,Help with attached question, thank you! Pension data for Barry Financial Services Incorporated include the following:Discount rate, 7%Expected return on plan assets, 12%Actual return on plan assets, 11%Service cost, 2024January 1, 2024:Projected benefit obligationAccumulated benefit obligationPlan assets (fair value)Prior service cost- AOCI (2024 amortization, $50)Net gain- AOCI (2024 amortization, $10)There were no changes in actuarial assumptions.December 31, 2024:Cash contributions to pension fund, December 31, 2024Benefit payments to retirees, December 31, 2024Required:Complete this question by entering your answers in the tabs below.Pension expense$1. Determine pension expense for 2024.2. Prepare the journal entries to record (a) pension expense. (b) gains and losses (if any). (c) funding, and (d) retiree benefits for 2024.0.0($ in thousands)< Required 1$ 420Required 1Required 2Determine pension expense for 2024.Note: Amounts to be deducted should be indicated with a minus sign. Enter your answers in thousands rounded to 1 decimalplace (i.e., 5,500 should be entered as 5.5).Pension ExpenseRequired 2 >2,8502,5502,950380440355380

The pension expense arises when an entity establishes a pension plan. The contributions are made to…

Pension data for Barry Financial Services Incorporated include the following: Discount rate, 7% Expected return on plan assets, 12% Actual return on plan assets, 11% Service cost, 2024 January 1, 2024: Projected benefit obligation Accumulated benefit obligation Plan assets (fair value) Prior service cost- AOCI (2024 amortization, $50) Net gain- AOCI (2024 amortization, $10) There were no changes in actuarial assumptions. December 31, 2024: Cash contributions to pension fund, December 31, 2024 Benefit payments to retirees, December 31, 2024 Required: ($ in thousands) $ 420 2,850 2,550 2,950 380 440 355 380 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.

Pension data for Barry Financial Services Incorporated include the following: Discount rate, 7% Expected return on plan assets, 12% Actual return on plan assets, 11% Service cost, 2024 January 1, 2024: Projected benefit obligation Accumulated benefit obligation Plan assets (fair value) Prior service cost- AOCI (2024 amortization, $50) Net gain- AOCI (2024 amortization, $10) There were no changes in actuarial assumptions. December 31, 2024: Cash contributions to pension fund, December 31, 2024 Benefit payments to retirees, December 31, 2024 Required: ($ in thousands) $ 420 2,850 2,550 2,950 380 440 355 380 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.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Pension data for Barry Financial Services Incorporated include the following: Discount rate, 7% Expected return on plan assets, 13% Actual return on plan assets, 12% 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, $12) There were no changes in actuarial assumptions. ($ in thousands) $ 490 3,200 2,900 3,300 415 510 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. 425 450 2. Prepare the journal entries to record (a) pension expense, (b) gains and losses (if any), (c) funding, and (d) retiree benefits for 2024.
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