The following data relate to Ashmore Companys defined benefit pension plan:

($ in thousands)

Discount rate, 10%

Expected return on plan assets, 11%

Actual return on plan assets, 12%

Service cost, 2021 $ 240

Gain due to change in actuarial assumptions 110

Average remaining service life is 15 years

January 1, 2021:

Accumulated benefit obligation 1,800

project benefit obligation 2,000

Plan assets (fair value) 1,950

Prior service costAOCI due to previous amendment 150

Net lossAOCI from previous years 260

December 31, 2021:

Cash contributions to pension fund, December 31, 2021 300

Benefit payments to retirees, December 31, 2021 240

Required:

1. Please compute the ending balance of pension liability (2.5 Points).
2. Please compute the ending balance of pension asset (2.5 Points).
3. Is the pension plan overfunded or underfunded? Why? (1 Point)
4. Please compute the pension expenses during 2021 (4 Points).
5. Whats the ending balance of prior service cost -AOCI and net loss -AOCI? (2 Points)
6. Please prepare the journal entry recognize the pension expense based on your answers to Question 3 (Attention: only one journal entry to recognize pension expenses. You dont need to prepare entries to recognize payments to retirees, contributions to plan, new gains and losses, etc.) (3 Points)