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.

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Employee Benefits

In an organization employees are the most important resource and most important asset. They can lead an organization to the sky or can be the reason for unsuccessful of business. Therefore, it is very much important that employees of an organization should be satisfied by the environment of the organization and most importantly with the salary, wages incentives, etc.