The following information relates to the defined benefit pension plan for Stark Ltd. for 2020. The corporation uses ASPE.

Current service cost	$348,000
Contributions	321,000
Actuarial loss	10,000
Expected & actual return on plan assets	8%
Fair value of plan assets, Jan 1	225,000
Defined benefit obligation, Jan 1	367,000
Interest rate for obligation	9%

Required

1. Calculate the pension expense to be reported for 2020.10 marks
2. Prepare the journal entries to record pension expense and the employer's contributions for 2020. 4 marks
3. What is the pension expense if the company uses IFRS 2 marks
4. Explain briefly in your own words the difference between defined benefit and defined contribution plans from the employer perspective 4 marks