Sheridan Corporation is a private company with a defined benefit pension plan. The following information is available for Sheridan Corporation for 2020: Opening balance, DBO $184,000 Opening balance, plan assets 175,000 Service cost 51,000 Employer contributions paid evenly through 2020 67,500 Applicable interest or discount rate 10 % Actual return on plan assets 22,000 Actuarial loss due to change in actuarial assumptions 12,300 Assuming that Sheridan follows IFRS, determine the 2020 effect of the pension plan on pension expense and the company's shareholders' equity. The pension plan results in total pension expense and a related in the net income and retained earnings by $