PROBLEM !1 Gibbs Company has 200 employees who are expected to receive benefits under the company's defined-benefit pension plan. The average remaining service life per employee is 10 years.. The actuary for the company's pension plan calculated the following net gains and losses: For the Year Ended December 31 2010 2011 2012 (Gain) Or Loss $500,000 380,000 (690,000) Prior to 2010, there was no unrecognized net gain or loss. Information about the company's projected benefit obligation and market-related (and fair) value of plan assets follows: As of January 1 012 Projected benefit obligation Fair value of plan assets $2,100,000 $2,340,000 $3,000,000 1,680,000 86,000 2,550,000 Required: Based on the above information about Gibbs Company, prepare a schedule which reflects the amount of net gain or loss to be amortized by the company as a component of pension expense for the years 2010 and 2011. The company amortizes net gains or losses using the straight-line method over the average service life of participating employees r in nach of the following (Show calculations where needed)