Pension data for Barry Financial Services Inc. include the following: ($ in 000s) Discount rate, 7% Expected return on plan asse
ts, 11% Actual return on plan assets, 10% Service cost, 2016 $ 410 January 1, 2016: Projected benefit obligation 2,800 Accumulated benefit obligation 2,500 Plan assets (fair value) 2,900 Prior service cost–AOCI (2016 amortization, $45) 375 Net gain–AOCI (2016 amortization, $10) 430 There were no changes in actuarial assumptions. December 31, 2016: Cash contributions to pension fund, December 31, 2016, 345 Benefit payments to retirees, December 31, 2016 370 (For all requirements, enter your answers in thousands rounded to 1 decimal place (i.e., 5,500 should be entered as 5.5).) Required: 1. Determine pension expense for 2016. (Amounts to be deducted should be indicated with a minus sign.) 2. Prepare the journal entries to record pension expense, gains and losses (if any), funding, and retiree benefits for 2016.
Accountancy There are 6 points on a coordinate plane. The points are (negative 5, 0), (negative 4, 1), (negative 3, 4), (1, negative 2), (2, 4), (5, negative 3).
A change in depreciation method is a change in accounting policy and as such it would need to be accounted for retrospectively.
This means that it must be accounted for by going back to all periods where the change affects an entry and adjusting that entry for the change so that the accounting can be more accurate.
