Blossom Corporation ended its previous fiscal year with a defined benefit obligation of $132,372 and plan assets of $134,400. On January 1, 2020, the company amended its one-person defined benefit pension plan, resulting in a revised defined benefit obligation at that date of $149,989. As a result of this past service award, Blossoms required contributions into the plan assets increase by $1,248 each year.

Determine the effect that the plan amendment has on Blossoms 2020 pension expense reported in net income, assuming the company follows ASPE.

Pension expense will ( increase or decrese) and net income will (increasedecrease ) by $enter a dollar amount in 2020 under ASPE.

What if Blossom applies IFRS?

Pension expense will (decreaseincrease ) and net income will (decreaseincrease) by $enter a dollar amount in 2020 under IFRS.