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 $23,000 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 $325,000. What is pension expense for the year?

3. Determine the net loss—AOCI or net gain—AOCI as of January 1, 2025.

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Net gain-AOCI Accumulated benefit obligation Projected benefit obligation Fair value of plan assets Average remaining service period of active employees (expected to remain constant for the next several years) ($ in thousands) $ 170 1,170 1,400 1,100 15 years