RaSubject: acounting Pension data for Barry Financial Services Inc. include the following:Discount rate, 7%Expected return on plan assets, 11%Actual return on plan assets, 10%Service cost, 2021.January 1, 2021:Projected benefit obligationAccumulated benefit obligationPlan assets (fair value)Prior service cost-AOCI (2021 amortization, $45)Net gain-AOCI (2021 amortization, $12)There were no changes in actuarial assumptions.December 31, 2021:Cash contributions to pension fund, December 31, 2021Benefit payments to retirees, December 31, 2021($ inthousands)Complete this question by entering your answers in the tabs below.$ 4703, 1002,8003,200405490405430Required: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. Required 1 Required 2Determine pension expense for 2021. (Amounts to be deducted should be indicated with a minus sign. Enter your answers inthousands rounded to 1 decimal place (i.e., 5,500 should be entered as 5.5).)Pension ExpensePension expense

Pension expense can be defined as the expenses related to the liabilities for pension payable to…

Pension data for Barry Financial Services Inc. include the following: Discount rate, 7% Expected return on plan assets, 11% Actual return on plan assets, 10% Service cost, 2021 January 1, 2021: Projected benefit obligation Accumulated benefit obligation Plan assets (fair value) Prior service cost-AOCI (2021 amortization, $45) Net gain-AOCI (2021 amortization, $12) There were no changes in actuarial assumptions. December 31, 2021: Cash contributions to pension fund, December 31, 2021 Benefit payments to retirees, December 31, 20211 ($ in thousands) Complete this question by entering your answers in the tabs below. $ 470 3,100 2,800 3,200 405 490 405 430 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 ben

Pension data for Barry Financial Services Inc. include the following: Discount rate, 7% Expected return on plan assets, 11% Actual return on plan assets, 10% Service cost, 2021 January 1, 2021: Projected benefit obligation Accumulated benefit obligation Plan assets (fair value) Prior service cost-AOCI (2021 amortization, $45) Net gain-AOCI (2021 amortization, $12) There were no changes in actuarial assumptions. December 31, 2021: Cash contributions to pension fund, December 31, 2021 Benefit payments to retirees, December 31, 20211 ($ in thousands) Complete this question by entering your answers in the tabs below. $ 470 3,100 2,800 3,200 405 490 405 430 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 ben

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter19: Accounting For Post Retirement Benefits

Section: Chapter Questions

Problem 4E

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Pension data for Barry Financial Services Inc. include the following: ($ in thousands) Discount rate, 7% Expected return on plan assets, 13% Actual return on plan assets, 12% Service cost, 2021 $ 370 January 1. 2021: Projected benefit, obligation 2,600 Accumulated benefit obligation 2,300 Plan assets (fair value) 2,700 Prior service cost--AOCI (2021 amortization, $25) 355 Net gain---AOCI (2021 AMORTIZATION, $8) 390 There were no changes in…
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