McCains Furniture Inc. sponsors a defined benefit pension plan for its employees. The plans trustee reports the following information for calendar 2020: Defined benefit obligation, Jan 1 .................................. $ 240,000 Fair value of plan assets, Jan 1 ..................................... 180,000 Current service cost ...................................................... 80,000 Actual & expected return on plan assets ....................... 21,000 Contributions ................................................................ 70,000 Benefits paid to retirees ................................................ 120,000 Interest (discount) rate .................................................. 10% Past service costs (as of Jan 1) ...................................... 10,000 The corporation uses ASPE. Instructions a) Calculate the amount of pension expense for 2020, and prepare the required adjusting journal entries. b) Calculate the surplus or deficit of the plan on December 31, 2020.