Nelson Company has a defined benefit pension plan for its employees. At the end of 2019 and 2020, the following information is available in regard to this pension plan:

Required:
1. Compute the amount of Nelson’s pension expense in 2019 and 2020.
2. Based on the available information, prepare all the journal entries related to Nelson’s pension plan for 2019 and 2020.
3. Next Level If the prior service cost was vested, explain how Nelson Company’s pension expense for 2019 would be different under IFRS.

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2019 2020 $ 27,000 $ 28,000 Expected return on plan assets Amortization of net gain Amortization of net loss Amortization of prior service cost Company contribution (funded 12/31) Interest cost on projected benefit obligation Service cost Prior Service Cost (as of 1/1) 3,000 4,000 6,000 248,000 45,000 217,000 89,000 7,000 220,000 42,000 211,000 96,000