The following facts apply to the pension plan of Wildhorse Inc. for the year 2020. Wildhorse applies ASPE.

Plan assets, January 1, 2020 $494,000

Defined benefit obligation, funding basis, January 1, 2020 393,000

Defined benefit obligation, accounting basis, January 1, 2020 494,000

Discount/interest rate

8.50%

Annual pension service cost 40,900

Contributions 31,600

Actual return on plan assets 50,690

Benefits paid to retirees 34,000

Calculate pension expense for the year 2020, and provide the entries to recognize the expense and contributions for the year assuming that Wildhorse has chosen the funding measure of its defined benefit obligation as its accounting policy choice. (C

Calculate pension expense if IFRS had been applied to this plan.