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 $40,000 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 $342,000. 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)