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Exercise 17-11 (Algo) Components of pension expense; journal entries [LO17-6, 17-7]

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, 2024380

($ in thousands)
$ 420
2,850
2,550
2,950
	380
440
355

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.