The following information is available for Ivanhoe Corporation's pension plan for the year 2020: Plan assets, January 1, 2020 $390,000 Actual return on plan assets 17,000 Benefits paid to retirees 40,300 Contributions (funding) 94,300 Discount rate 12% Defined benefit obligation, January 1, 2020, accounting basis valuation 519,000 Service cost 66,700 Calculate pension expense for the year 2020, assuming that Ivanhoe follows IFRS. Pension expense $ 111980 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 (To record pension expense and remeasurement loss.) December 31, 2020 on fund.) Net Defined Benefit Liability/Asset Pension Expense Contributions Pension Contributions Payable Cash Remeasurement Gain - OCI Remeasurement Loss - OCI e Textbook and N Calculate pension expense for the year 2020, assuming that Ivanhoe 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 4 (To record pension expense.) December 31, 2020 on fund.) Pension Expense Cash Pension Contributions Payable Net Defined Benefit Liability/Asset Contributions eTextbook and Me