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Herring Wholesale Company has a defined benefit pension plan. On January 1,2024 , the following...

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Accounting

imageimage Herring Wholesale Company has a defined benefit pension plan. On January 1,2024 , the following pension related data were available: The rate of return on plan assets during 2024 was 9%, although it was expected to be 10%. The actuary revised assumptions regarding the PBO at the end of the year, resulting in a $28,000 decrease in the estimate of that obligation. Required: 1. Calculate any amortization of the net gain that should be included as a component of net pension expense for 2024 . 2. Assume the net pension expense for 2024 , not including the amortization of the net gain component, is $330,000. What is pension expense for the year? 3. Determine the net loss-AOCl or net gain-AOCl as of January 1, 2025. Note: For all requirements, enter your answers in thousands (i.e. 200,000 should be entered as 200). \begin{tabular}{|c|c|c|} \hline \multirow{2}{*}{\multicolumn{2}{|c|}{ 1. Amount amortized to 2024 pension expense }} & ( $ in thousands) \\ \hline & & \\ \hline \multicolumn{2}{|c|}{ 2. Pension expense } & \\ \hline 3. & - AOCl, end of 2024 (beginning of 2025) & \\ \hline \end{tabular}

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