Pension data for Sterling Properties include the following:

$($$ in thousands$)$

Service cost, $2024$ $ $131$

Projected benefit obligation, January $1,2024450$

Plan assets $($fair value$),$ January $1,2024500$

Prior service cost$$AOCI $(2024$ amortization, $$9)100$

Net loss$$AOCI $(2024$ amortization, $$1)121$

Interest rate, $8\%$

Expected return on plan assets, $12\%$

Actual return on plan assets, $13\%$

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.

Note: Enter your answer in thousands $($i$.$e$.,10,000$ should be entered as $10).$