Pension data for Sterling Properties include the following:

$($$ in thousands$)$

Service cost, $2024$ $ $115$

Projected benefit obligation, January $1,2024500$

Plan assets $($fair value$),$ January $1,2024600$

Prior service cost$$AOCI $(2024$ amortization, $$8)83$

Net loss$$AOCI $(2024$ amortization, $$1)104$

Interest rate, $7\%$

Expected return on plan assets, $11\%$

Actual return on plan assets, $12\%$

Required:

Assume Sterling Properties prepares its financial statements according to International Financial Reporting Standards $($IFRS$).$ The interest rate on high$-$grade corporate bonds is $7\%.$ Determine the net pension cost.