The following information is available for Sunland 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 $390,000 17,000 41,600 94,600 12% Defined benefit obligation, January 1, 2020, accounting basis valuation 501,000 Service cost 65,400 Calculate pension expense for the year 2020, assuming that Sunland follows IFRS. Pension expense LA $ 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 December 31, 2020 Account Titles and Explanation (To record pension expense and remeasurement loss.) (To record contributions to the pension fund.) Debit Credit Calculate pension expense for the year 2020, assuming that Sunland 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 December 31, 2020 December 31, 2020 Account Titles and Explanation (To record pension expense.) (To record contributions to the pension fund.) Debit Credit