Pension data for Barry Financial Services Inc

Pension data for Barry Financial Services Inc., include the following: ($ in thousands) E 17-11 Components of pension expense: journal entries • LO17-6. LO17-7 $ 310 Discount rate, 7% Expected return on plan assets, 10% Actual return on plan assets, 9% Service cost, 2021 January 1, 2021: Projected benefit obligation Accumulated benefit obligation Plan assets (fair value) Prior service cost-AOCI (2021 amortization, $25) Net gain-AOCI (2021 amortization, $6) There were no changes in actuarial assumptions. December 31, 2021: Cash contributions to pension fund, December 31, 2021 Benefit payments to retirees, December 31, 2021 2.300 2,000 2,400 325 330 245 270 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.