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Herring Wholesale Company has a defined benefit pension plan. On January 1,2024 , the following pension related data were available: The rate of return on
Herring Wholesale Company has a defined benefit pension plan. On January 1,2024 , the following pension related data were available: The rate of return on plan assets during 2024 was 7%, although it was expected to be 10%. The actuary revised assumptions regarding the PBO at the end of the year, resulting in a $26,000 decrease in the estimate of that obligation. Required: 1. Calculate any amortization of the net gain that should be included as a component of net pension expense for 2024 . 2. Assume the net pension expense for 2024 , not including the amortization of the net gain component, is $328,000. What is pension expense for the year? 3. Determine the net loss-AOCl or net gain-AOCl as of January 1, 2025. Note: For all requirements, enter your answers in thousands (i.e. 200,000 should be entered as 200 ). Tsai-Ming Company has a postretirement health care benefit plan. On January 1, 2024, the following planrelated data were available: The rate of return on plan assets during 2024 was 11%, although it was expected to be 10%. The actuary revised assumptions regarding the APBO at the end of the year, resulting in a $48,000 increase in the estimate of that obligation. Required: 1. Calculate any amortization of the net loss that should be included as a component of postretirement benefit expense for 2024 . 2. Assume the postretirement benefit expense for 2024 , not including the amortization of the net loss component, is $221,000. What is the expense for the year? 3. Determine the net loss or gain as of December 31, 2024. Complete this question by entering your answers in the tabs below. Calculate any amortization of the net loss that should be included as a component of postretirement benefit expense for 2024. Note: Enter your answers in thousands (i.e., 10,000 should be entered as 10)
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