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Turner Inc. provides a defined benefit pension plan to its employees. The company has $150$ employees. The remaining amortization period at December $31,20$X$0,$ for prior service cost is $5$ years. The average remaining service life of employees is $11$ years at January $1,20$X$1,$ and $10$ years at December $31,20$X$1.$ The AOCI$$net actuarial $($gain$)$ loss was zero at December $31,20$X$0.$ Turner smooths recognition of its gains and losses when computing its market$-$related value to compute expected return.

Additional Information:

December $31,$

Description $20$X$120$X$0$

PBO $ $1,450,000$ $ $1,377,000$

ABO $1,425,0001,350,000$

Fair value of plan assets $1,395,0001,085,000$

Market$-$related value of plan assets $($smoothed recognition$)1,369,0001,085,000$

AOCI$$prior service cost $?292,000$

Balance sheet pension asset $($liability$)?(292,000)$

Service cost $117,400$

Contribution $169,000$

PBO actuarial gain $113,250$

Benefit payments made None None

Discount rate $5\%5\%$

Expected rate of return $7\%7\%$

Required:

Compute the amount of prior service cost that would be amortized as a component of pension expense for $20$X$1$ and $20$X$2.$

Compute the actual return on plan assets for $20$X$1.$

Compute the unexpected net gain or loss on plan assets for $20$X$1.$

Compute pension expense for $20$X$1.$

Prepare the company$$s required pension journal entries for $20$X$1.$

Compute the $20$X$1$ increase$/$decrease in AOCI$$net actuarial $($gain$)$ loss and the amount to be amortized in $20$X$1$ and $20$X$2.$

Confirm that the pension asset $($liability$)$ on the balance sheet equals the funded status as of December $31,20$X$1.$

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