Exercise 19-15 The following facts apply to the pension plan of Ivanhoe Inc. for the year 2020. Ivanhoe applies ASPE. Plan assets, January 1, 2020 Defined benefit obligation, funding basis, January 1, 2020 Defined benefit obligation, accounting basis, January 1, 2020 Discount/interest rate Annual pension service cost Contributions Actual return on plan assets Benefits paid to retirees $526,000 431,000 526,000 8.50% 41,500 31,000 53,610 34,100 Calculate pension expense for the year 2020, and provide the entries to recognize the expense and contributions for the year assuming that Ivanhoe has chosen the funding measure of its defined benefit obligation as its accounting policy choice. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Pension expense $ Date Account Titles and Explanation Debit Credit December 31, 2020 Pension Expense Net Defined Benefit Liability/Asset (To record pension expense.) December 31, 2020 Net Defined Benefit Liability/A V Cash (To record contributions to the pension fund.) VI IL CU DICTIC Unyu com u ruccourciny Poney CITUICE. CUIL UCCOUTIL LILICE U JULIULICny UCITCU WITCH LIEUTUUT I LITLI Lu. U TOL MUCITL muruumy. Pension expense Date Account Titles and Explanation Debit Credit December 31, 2020 Pension Expense Net Defined Benefit Liability/Asset (To record pension expense.) December 31, 2020 Net Defined Benefit Liability/Asset Cash (To record contributions to the pension fund.) LINK TO TEXT LINK TO TEXT LINK TO TEXT LINK TO TEXT Calculate pension expense if IFRS had been applied to this plan. Pension expense LINK TO TEXT LINK TO TEXT LINK TO TEXT LINK TO TEXT