Exercise 19-15 The following facts apply to the pension plan of Sandhill Inc. for the year 2017. Sandhill applies ASPE Plan assets, January 1, 2017 Defined benefit obligation, funding basis, January 1, 2017 Defined benefit obligation, accounting basis, lanuary 1, 2017 500,000 Discount/interest rate Annual pension service cost Contributions (funding) Actual return on plan asset:s Benefits paid to retirees $500,000 399,000 8.50% 40,100 30,900 51,050 34,400 Calculate pension expense for the year 2017, and provide the entries to recognize the expense and contributions for the year assuming that Sandhill has chosen the funding measure of its defined benefit obligation as its accounting policy. (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, 2017 (To record pension expense) December 31, 2017 To record contributions paid) Calculate pension expense if IFRS had been applied to this plan. Pension expense