The following data relate to the defined benefit pension plan of the Chicago Corn Corporation during 2013 (all amounts in thousands):

Service Cost $4,200

Actual return on the pension plan assets $625

Benefits paid to retirees $250

Contributions to the pension plan assets $2,625

Discount (settlement rate) for PBO 9%

Expected return on pension fund 10%

In addition, at the beginning of the year, Chicago Corn Corporation had a projected benefit obligation (PBO) of $25,000 and a pension fund assets with a fair value of $23,000. There were no prior service cost, nor were the deferred pension gains or losses.

• Determine the pension-related amount that should be reported on the companys balance sheet on January 1, 2013.
• Determine the pension benefit obligation as of December 31, 2013.
• Compute the fair value of the pension fund as of December 31, 2013.
• Compute pension expense for the year.

Prepare the summary journal entries relating to the pension plan for 2013.