The following information concerns Crane Corp.'s defined benefit pension plan. Defined benefit obligation, 1/1/20 (before amendment) Plan assets, 1/1/20 Discount rate Annual pension service cost Actual return on plan assets $249,000 154,000 10% 11,000 7,700 On January 1, 2020, the company amended its pension plan, which resulted in a reduction in prior service benefi employees. The present value of the reduced benefits is $35,500. - Your answer is partially correct. Calculate the pension expense that will be reported in net income for 2020 if Crane applies IFRS. Pension benefit $ 63,700