The following information is available for Crane Corporation's pension plan for the year 2020: Plan assets, January 1, 2020 $370,000 Actual return on plan assets 17,000 41,900 Benefits paid to retirees Contributions (funding) 94,400 Discount rate 10% Defined benefit obligation, January 1, 2020, accounting basis valuation 518,000 Service cost 65,700 Calculate pension expense for the year 2020, assuming that Crane follows IFRS. Pension expense unding for the year. (Credit account titles are automatically indented when Provide the entriest Pension Contributions Payable the amount is entered Net Defined Benefit Liability/Asset Remeasurement Loss - OCI Cash Date Contributions December 31, Remeasurement Gain - OCI 2020 Pension Expense Debit Credit Remeasurement Gain - OCI (To record pension expense and remeasurement loss.) December 31, 2020 (To record contributions to the pension fund.) Calculate pension expense for the year 2020, assuming that Crane follows ASPE, and its accounting policy is to use an accounting basis valuation for its defined benefit obligation. $ Pension expense Provide the entries to recognize the pension expense and funding for the year. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) 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 Benefit Liability/Asset Cash (To record contributions to the pension fund.)