Pension data for Sterling Properties include the following:

	($ in thousands)
Service cost, 2024	$ 115
Projected benefit obligation, January 1, 2024	500
Plan assets (fair value), January 1, 2024	600
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.