Problem 17-7 (Algo) Determining the amortization of net gain [LO17-6] Herring Wholesale Company has a dened benefit pension plan. On January 1, 2021, the following pension related data were available: ($ in thousands) Net gainAOCI $300 Accumulated benefit obligation 2,270 Projected benefit obligation 2,400 Fair value of plan assets 1,800 Average remaining service period of active employees (expected to remain constant for the next several years) 12years The rate of return on plan assets during 2021 was 7%, although it was expected to be 10%. The actuary revised assumptions regarding the P80 at the end of the year, resulting in a $34,000 decrease in the estimate of that obligation. Required: 1. Calculate any amortization ofthe 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 ofthe net gain component, is $336,000. What is pension expense for the year? 3. Determine the net lossAOCI or net gainAOCI as of January 1, 2022. (For all requirements, enter your answers in thousands (i.e. 200,000 should be entered as 200).) Amount amortized to 2021 pension expense Pension expense