The following information is available for Crane Corporation's pension plan for the year 2020: Plan assets, January 1, 2020 Actual return on plan assets Benefits paid to retirees Contributions (funding) Discount rate $410,000 17,000 41,800 93,000 12% Defined benefit obligation, January 1, 2020, accounting basis valuation 515,000 Service cost 67,000 Calculate pension expense for the year 2020, assuming that Crane follows IFRS. Pension expense $ 79600 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 December 31, 2020 Account Titles and Explanation December 31, (To record pension expense and remeasurement loss.) 2020 (To record contributions to the pension fund.) eTextbook and Media Debit Credit 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 December 31, 2020 December 31, 2020 (To record pension expense.) (To record contributions to the pension fund.) eTextbook and Media Save for Later Last saved 6 minutes ago. Debit Credit Attempts: 0 of 3 used Submit