The funded status of Patel Paneling Inc.’s defined benefit pension plan and the balances in prior service cost and the net gain—pensions, are given below ($ in thousands):

Retirees were paid $270,000, and the employer contribution to the pension fund was $245,000 at the end of 2024. The expected rate of return on plan assets was 10%, and the actuary’s discount rate is 7%. There were no changes in actuarial estimates and assumptions regarding the PBO.

Required:
Determine the following amounts for 2024:
1. Actual return on plan assets.
2. Loss or gain on plan assets.
3. Service cost.
4. Pension expense.
5. Average remaining service life of active employees (used to determine amortization of the net gain).

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Projected benefit obligation Plan assets Funded status Prior service cost-AOCI Net gain-AOCI 2024 Beginning Balances $2,300 2,400 100 325 330 2024 Ending Balances $2,501 2,591 90 300 300