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Herring Wholesale Company has a defined benefit pension plan. On January 1, 2024, the following pension related data were available: Net gain-AOCI Accumulated benefit obligation
Herring Wholesale Company has a defined benefit pension plan. On January 1, 2024, the following pension related data were available: Net gain-AOCI Accumulated benefit obligation Projected benefit obligation Fair value of plan assets Average remaining service period of active employees (expected to remain constant for the next several years) ($ in thousands) $ 300 2,270 2,400 1,800 12 years 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 $34,000 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 $336,000. What is pension expense for the year? 3. Determine the net loss-AOCI or net gain-AOCI as of January 1, 2025. Note: For all requirements, enter your answers in thousands (i.e. 200,000 should be entered as 200). ($ in thousands) 1. Amount amortized to 2024 pension expense 2. Pension expense ? 3. ? -AOCI, end of 2024 (beginning of 2025)
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