*Exercise 19-10 The following information is available for Crane Corporation's pension plan for the year 2020: $380,000 Plan assets, January 1, 2020 Actual return on plan assets Benefits paid to retirees Contributions (funding) Discount rate Defined benefit obligation, January 1, 2020, accounting basis valuation Service cost 40,700 94,300 11% 512,000 65,900 Calculate pension expense for the year 2020, assuming that Crane follows IFRS. Pension expenses Provide the entries to recognize the pension expense and funding for the year. (Credit account tities are automatically indented when the amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit (To record pension expense and remeasurement loss.) (To record contributions to the pension fund.) Calculate pension expense for the year 2020, assuming that Crane follows ASPE, and its accounting policy is to use an accounting basis valuation for its defined benefit obligation. Pension expense L Provide the entries to recognize the pension expense and funding for the year. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Debit Credit Date Account Titles and Explanation December 31, 2020 (To record pension expense.) December 31, 2020 (To record contributions to the pension fund.)