Problem 17-14 (Algo) Relationship among pension elements [LO17-3, 17-4, 17-5, 17-6, 17-7, 17-8]

The funded status of Hilton Paneling Incorporated's defined benefit pension plan and the balances in prior service cost and the net gainpensions, are given below.

	($ in thousands)
2024 Beginning Balances	2024 Ending Balances
Projected benefit obligation	$ 3,100	$ 3,301
Plan assets	3,200	3,471
Funded status	100	170
Prior service costAOCI	360	320
Net gainAOCI	370	325

Retirees were paid $262,000, and the employer contribution to the pension fund was $253,000 at the end of 2024. The expected rate of return on plan assets was 10%, and the actuarys discount rate is 7%. There were no changes in actuarial estimates and assumptions regarding the PBO.

Required:

1. Determine the actual return on plan assets of 2024.
2. Determine the loss or gain on plan assets of 2024.
3. Determine the service cost of 2024.
4. Determine the pension expense of 2024.
5. Determine the average remaining service life of active employees (used to determine amortization of the net gain) for 2024.