Herring Wholesale Company has a defined benefit pension plan. On January 1, 2021, 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) $270 1, 470 1,500 1,400 15years The rate of return on plan assets during 2021 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 2021. 2. Assume the net pension expense for 2021, not including the amortization of the net gain component, is $328,000. What is pension expense for the year? 3. Determine the net loss-AOCI or net gain-AOCI as of January 1, 2022. Required: 1. Calculate any amortization of the net gain that should be included as a component of net pension expense for 2021. 2. Assume the net pension expense for 2021, not including the amortization of the net gain component, is $328,000. What is pension expense for the year? 3. Determine the net loss-AOCI or net gain-AOCI as of January 1, 2022. (For all requirements, enter your answers in thousands (i.e. 200,000 should be entered as 200).) ($ in thousands) 1. Amount amortized to 2021 pension expense 2. Pension expense -AOCI, end of 2021 (beg. of 2022) Herring Wholesale Company has a defined benefit pension plan. On January 1, 2021, 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) $270 1, 470 1,500 1,400 15years The rate of return on plan assets during 2021 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 2021. 2. Assume the net pension expense for 2021, not including the amortization of the net gain component, is $328,000. What is pension expense for the year? 3. Determine the net loss-AOCI or net gain-AOCI as of January 1, 2022. Required: 1. Calculate any amortization of the net gain that should be included as a component of net pension expense for 2021. 2. Assume the net pension expense for 2021, not including the amortization of the net gain component, is $328,000. What is pension expense for the year? 3. Determine the net loss-AOCI or net gain-AOCI as of January 1, 2022. (For all requirements, enter your answers in thousands (i.e. 200,000 should be entered as 200).) ($ in thousands) 1. Amount amortized to 2021 pension expense 2. Pension expense -AOCI, end of 2021 (beg. of 2022)
