The following data relates to CheeseFactory Inc's pension plan for the year 2020:

Define benefit obligation at January 1, 2020 $627,000

Fair value of plan assets at January 1, 2020 $600,000

Current service cost $82,000

Cost of past service benefits granted effective December 31, 2020 $34,000

Actual return on plan assets $70,000

Contribution to plan $87,000

Benefits paid $45,000

Actuarial loss $39,000 Interest (discount) rate 8%

REQUIRED: a) Prepare a pension work sheet for 2020 based on IFRS approach

b) Show the journal entries for pension expense and contribution for 2020