Pension data for Sterling Properties include the following: Pension data for Sterling Properties include the following:

$\backslash$table$[[$Service cost$,2021,\backslash$table$[[($$ in$],[$thousands$)]]],[$Projected benefit obligation, January $1,2021,$$$116],[$Plan assets $($fair value$),$ January $1,2021,550],[$Prior service cost$-$AOCI $(2021$ amortization, $$9),600],[$Net loss$-$A$0$CI $(2021$ amortization, $$2),88],[$Interest rate, $8\%,109],[$Expected return on plan assets, $12\%,],[$Actual return on plan assets, $13\%,]]$

Required:

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

Answer is complete but not entirely correct.

Net pension cost

$

$285$

thousand

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. Pension data for Sterling Properties include the following:

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.

Answer is complete but not entirely correct.Item$8$

$3\mathrm{.}5$

points

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Pension data for Sterling Properties include the following:

$($$ in thousands$)$

Service cost, $2021$ $ $116$

Projected benefit obligation, January $1,2021550$

Plan assets $($fair value$),$ January $1,2021600$

Prior service cost$$AOCI $(2021$ amortization, $$9)88$

Net loss$$AOCI $(2021$ amortization, $$2)109$

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.