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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) $ 170 1,170 1,400 1,100 15 years The rate of return on plan assets during 2024 was 9%, although it was expected to be 10%. The actuary revised assumptions regarding the PBO at the end of the year, resulting in a $23,000 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 $325,000. What Is pension expense for the year? 3. Determine the net loss-AOCI or net gain-AOCI as of January 1, 2025. Note: For all requirements, enter your answers in thousands (I.e. 200,000 should be entered as 200). 1. Amount amortized to 2024 pension expense 2. Pension expense 3. -AOCI, end of 2024 (beginning of 2025) ($ in thousands)
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