Herring Wholesale Company has a defined benefit pension plan. On January 1, 2016, the following...
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Accounting
| Herring Wholesale Company has a defined benefit pension plan. On January 1, 2016, the following pension related data were available: |
| ($ in 000s) | ||
| Net gainAOCI | $ 350 | |
| Accumulated benefit obligation | 2,770 | |
| Projected benefit obligation | 2,600 | |
| Fair value of plan assets | 2,300 | |
| Average remaining service period of active employees (expected to remain constant for the next several years) | 15 | years |
| The rate of return on plan assets during 2016 was 8%, although it was expected to be 10%. The actuary revised assumptions regarding the PBO at the end of the year, resulting in a $39,000 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 2016.
Amount amortized to 2016 pension expense= ____ thousand |
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