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Bridgeport Inc. has a defined benefit plan for its employees. On December 31, 2019 the companys records showed the following information related to the plan:

Bridgeport Inc. has a defined benefit plan for its employees. On December 31, 2019 the companys records showed the following information related to the plan:

Pension plan assets $843,000
Defined benefit obligation 923,000

All employees are expected to receive benefits under the plan. The companys actuary provided the following information as at December 31, 2020:

Current year service cost $178,000
Past service benefits, granted July 1, 2020 29,000
Discount rate 5%
Actual return on assets 6%
Contributions for the year 265,000
Benefits paid to retirees 125,000

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Calculate pension expense for Bridgeport Inc. for 2020, assuming ASPE is used.

Pension expense, 2020 $Enter your answer in accordance to the question statement

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Calculate pension expense for Bridgeport Inc. for 2020, assuming IFRS is used.

Pension expense, 2020 $Enter your answer in accordance to the question statement

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