The following facts apply to the pension plan of Pharoah Inc. for the year 2020. Pharoah applies ASPE $510,000 409,000 510,000 8.50% Plan assets, January 1, 2020 Defined benefit obligation, funding basis, January 1, 2020 Defined benefit obligation, accounting basis, January 1, 2020 Discount/interest rate Annual pension service cost Contributions Actual return on plan assets Benefits paid to retirees 42,100 30.500 51.950 34,000 Calculate pension expense for the year 2020, and provide the entries to recognize the expense and contributions for the year assuming that Pharoah has chosen the funding measure of its defined benefit obligation as its accounting policy choice. (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, 2020 Pension Expense + Net Defined Benefit Liability/Asset (To record pension expense.) December 31, 2020 Net Defined Beneft Liability/Asset Cash (To record contributions to the pension fund.) e Textbook and Media Calculate pension expense if IFRS had been applied to this plan. Pension expense $