Pension data for Barry Financial Services Inc. include the following: ($ in thousands) Discount rate, 7% Expected return on plan assets, 10% Actual return on plan assets, 9% Service cost, 2021 $ 460 January 1, 2021: Projected benefit obligation 3,050 Accumulated benefit obligation 2,750 Plan assets (fair value) 3,150 Prior service cost—AOCI (2021 amortization, $40) 400 Net gain—AOCI (2021 amortization, $12) 480 There were no changes in actuarial assumptions. December 31, 2021: Cash contributions to pension fund, December 31, 2021 395 Benefit payments to retirees, December 31, 2021 420 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.

3b.  The following information is available for the pension plan of Vaughn Company for the year 2020. Actual and expected return on plan assets   $ 14,700   Benefits paid to retirees   40,800   Contributions (funding)   81,100   Interest/discount rate   10 % Prior service cost amortization   7,600   Projected benefit obligation, January 1, 2020   458,000   Service cost   63,900   (a)   Your answer has been saved. See score details after the due date. Compute pension expense for the year 2020. Pension expense for 2020   $enter pension expense for 2017 in dollars              Attempts: 1 of 1 used       (b)     Prepare the journal entry to record pension expense and the employer’s contribution to the pension plan in 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for…

The following data relate to Ramesh Company's defined benefit pension plan: ($ in millions) $690 69 55 118 13 20 90 Plan assets at fair value, January 1 Expected return on plan assets Actual return on plan assets Contributions to the pension fund (end of year) Amortization of net loss Pension benefits paid (end of year) Pension expense Required: Determine the amount of pension plan assets at fair value on December 31. (Enter your answers in millions. Amounts to be deducted should be indicated with a minus sign.) Pension Plan Assets Beginning of the year End of the year

Smith, Inc. has a pension plan with the following data available for 20X1 and 20X2:     20X1 20X2 Service cost $ 30,000   $ 34,000   Interest cost $ 18,000   $ 20,000   Actual return on plan assets $ 15,000   $ 21,600   Beginning of year plan assets $ 200,000   $ 240,000   Discount rate   8 %   8 % Expected return on plan assets   8 %   8 %     The adjustment to OCI for gain or loss from the return on plan assets for 20X1 is:   Multiple Choice   $0.   $1,000 gain.   $1,000 loss.   unknown from information provided.