Pension data for barry financial services inc include the
Question # 00767051
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Updated on: 06/24/2020 12:21 PM Due on: 07/03/2020
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Pension data for Barry Financial Services, Inc. include the following: ($ in 000s) Discount rate, 8% Expected return on plan assets, 11% Actual return on plan assets, 10% Service cost, 2011 $ 340 January 1, 2011: Projected benefit obligation 2,523 Accumulated benefit obligation 2,194 Plan assets (fair value) 2,632 Prior service cost-AOCI (2011 amortization, $27) 356 Net gain-AOCI (2011 amortization, $7) 362 December 31, 2011: Cash contributions to pension fund, December 31, 2011 269 Benefit payments to retirees, December 31, 2011 296 Determine pension expense for 2011. Prepare the journal entries to record pension expense, gains and losses (if any), funding, and retiree benefits for 2011
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