Corridor approach (amortization of net gains and losses.)Gibbs Company has 200 employees who are expected to receive benefits under the company's defined-benefit pension plan. The total number of service-years of these employees is 2,000. The actuary for the company's pension plan calculated the following net gains and losses:For the Year EndedDecember 31 (Gain) Or Loss2014 $640,0002015 (554,000)2016 990,000Prior to 2014, there was no unrecognized net gain or loss. Information about the company's projected benefit obligation and market-related (and fair) value of plan assets follows:As of January 1 2014 2015 2016Projected benefit obligation $2,100,000 $2,340,000 $2,940,000Fair value of plan assets 1,680,000 2,460,000 2,550,000InstructionsBased on the above information about Gibbs Company, prepare a schedule which reflects the amount of net gain or loss to be amortized by the company as a component of pension expense for the years 2014, 2015, and 2016. The company amortizes net gains or losses using the straight-line method over the average service life of participating employees.