Blossom Corporation ended its previous fiscal year with a defined benefit obligation of $102,037 and plan assets of $103,600. 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 $115,617. As a result of this past service award, Blossoms required contributions into the plan assets increase by $962 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 select an effect increasedecrease and net income will select an effect decreaseincrease by $enter a dollar amount in 2020 under ASPE.

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What if Blossom applies IFRS?

Pension expense will select an effect decreaseincrease and net income will select an effect increasedecrease by $enter a dollar amount in 2020 under IFRS.