Net Gain or Loss Hudson Company's actuary has provided the following information concerning the company's defined benefit pension plan at the end of 2016: Fair value of plan assets (1/1/2016) $350,000 Actual projected benefit obligation (1/1/2016) 360,000 Expected projected benefit obligation (1/1/2016) 424,000 Average remaining service life of employees 10 years The difference between the actual and expected projected benefit obligation first occurred in 2015. Required:
a. Compute the amount of the gain or loss for Hudson's pension plan at the beginning of 2016. Assuming that Hudson uses the corridor approach.
b. Compute the amount of the net gain or loss to include in Hudson's pension expense for 2016.