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) ($ in thousands) $ 490 3,200 2,900 3,300 415 510 Prior service cost- AOCI (2024 amortization, $25) Net gain- AOCI (2024 amortization, $12) There were no changes in actuarial assumptions. Cash contributions to pension fund, December 31, 2024 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.

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) ($ in thousands) $ 490 3,200 2,900 3,300 415 510 Prior service cost- AOCI (2024 amortization, $25) Net gain- AOCI (2024 amortization, $12) There were no changes in actuarial assumptions. Cash contributions to pension fund, December 31, 2024 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.

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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