Plan assets, January 1, 2017 Actual return on plan assets Benefits paid to retirees Contributions (funding) Discount rate Defined benefit obligation, January 1, 2017, accounting basis valuation Service cost $390,000 17,000 41,600 94,600 12% 501,000 65,400 Calculate pension expense for the year 2017, assuming that Sunland follows IFRS. Pension expense 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 December 31, 2017 December 31, 2017