The following information pertains to a pension plan for Guccii Company that recognizes only the minimum amortization of unrecognized gains and losses through the corridor approach.

Required

a. Compute Guccii's pension expense for 2020.

b. For 2021, compute the following amounts:
1. Plan asset balance, January 1,2021 .

2. PBO balance, January \(1,2021\).

3. Accumulated Pension Gain/Loss balance, January 1, 2021.

4. Pension expense, 2021.

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Account Balances Jan. 1, 2020 Activity Accumulated OCI-Pension Gain/Loss... Projected Benefit Obligation, not $ 0 Actuarial loss, 2020 (determined Jan. 1, 2020). $12,000 considering 2020 actuarial loss......... Plan Assets. Accumulated OCI-Prior Service Cost (average remaining service life of 60,000 Service cost, 2020 12,000 24,000 Service cost, 2021 14,000 Funding amount, 2020. 16,000 Funding amount, 2021 20,000 employees covered under prior service Actual return on fund in 2020 1,800 cost grant: 2 years).. 8,000 Actual return on fund in 2021 2,400 Other Discount rate:. 10% 12% Expected rate of return on fund assets:. No benefits were paid in either year. Average remaining service period in years for amortization of any pension gain/loss... 12