Duster Corporation is a private company with a defined benefit pension plan. The following information is available for Duster Corporation for 2017:
Opening balance, DBO .................................................... $210,000
Opening balance, plan assets ............................................... 200,000
Service cost ................................................................... 58,000
Employer contributions paid evenly through 2017 ..................... 77,000
Applicable interest or discount rate .......................................... 10%
Actual return on plan assets ................................................ 25,000
Actuarial loss due to change in actuarial assumptions .................. 14,000
Assuming that Duster follows IFRS, determine the 2017 effect of the pension plan on pension expense and the company's shareholders' equity.