Pension data for Sterling Properties include the following:

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$($$ in thousands$)$Service cost$,2021$$$131$Projected benefit obligation, January $1,2021450$Plan assets $($fair value$),$ January $1,2021500$Prior service cost$$AOCI $(2021$ amortization, $$9)100$Net loss$$AOCI $(2021$ amortization, $$1)121$Interest rate, $8\%$Expected return on plan assets, $12\%$Actual return on plan assets, $13\%$

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Required:

Assume Sterling Properties prepares its financial statements according to International Financial Reporting Standards $($IFRS$).$ The interest rate on high$-$grade corporate bonds is $8\%.$ Determine the net pension cost.