The following information is available for Crane Corporation's pension plan for the year $2023$:

Plan assets, January $1,2023$

Actual return on plan assets

Benefits paid to retirees

Contributions $($funding$)$

Discount rate

Defined benefit obligation, January $1,2023,$ accounting basis valuation

Service cost

$$380,000$

$17,000$

$40,700$

$94,300$

$11\%$

$512,000$

$65,900$

$($a$)$

Your answer is partially correct.

Calculate defined benefit expense for the year $2023,$ assuming that Crane follows IFRS.

Defined benefit 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. List all debit entries before credit entries. If no entry is required, select $"$No Entry" for the account titles and enter $0$ for the amounts.$)$

Date Account Titles and Explanation

December

$31,2023$