Exercise 17-9 (Algo) Components of pension expense; IFRS [LO17-6, 17-12]

Pension data for Sterling Properties include the following: ($ in thousands)

Service cost, 2021 $ 132

Projected benefit obligation, January 1, 2021 400

Plan assets (fair value), January 1, 2021 500

Prior service costAOCI (2021 amortization, $8) 94

Net lossAOCI (2021 amortization, $1) 115

Interest rate, 9%

Expected return on plan assets, 13%

Actual return on plan assets, 14%

Required: Assume Sterling Properties prepares its financial statements according to International Financial Reporting Standards (IFRS). The interest rate on high-grade corporate bonds is 9%. Determine the net pension cost.