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) $410,000 17,000 41,800 93,000 Discount rate 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 $ 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.)