The following information was obtained from the financial statements of X Inc.Defined Benefit Plan ObligationsPension Benefits 2020..........................2019Defined Benefit Obligation(DBO):Balance, beginning of year................................................$40,032.......................42,370Current Service Cost............................................................ 864...................... 1,126Interest Cost..................................................................... 2,344........................ 2,255Benefits Paid.....................................................................(3,198)....................... (2,881)Actuarial Gains.................................................................. (3,339)....................... (2,838)Balance, end of year..........................................................$36,703.......................$40,032Defined Benefit Plan AssetsPension Benefits 2020..........................2019Balance, beginning of year................................................$75,891......................$90,828Expected return on Plan Assets........................................... 5,599....................... 6,723Employee contributions....................................................... 180....................... 197Benefits Paid.....................................................................(3,198)...................... (2,881)Actuarial Losses..................................................................( 745)......................(18,976)Balance, end of year.............................................................$77,727....................$75,891Required:-(a) Calculate pension expense for 2020 (5 marks)(b) Explain the following:-The funded status of the pension plan in 2020(3 marks)Contributory and non-contributory pension plans(3 marks)The difference in accounting for actuarial gains and losses and past service costs under IFRS and ASPE(2 marks).

LUNHIS MARKSE The following information was obtained from the financial statements of X Inc. Defined Benefit Plan Obligations Pension Benefits 2020.. .2019 Defined Benefit Obligation (DBO): Balance, beginning of year.......... $40,032.. 42,370 Current Service Cost........ ...... . 864 1,126 Interest Cost. ........ 2,344. 2,255 Benefits Paid.. (3,198) (2,881) Actuarial Gains.... Balance, end of year. .. (3,339). (2,838) -.$36,703 $40.032 Defined Benefit Plan Assets Pension Benefits 2019 Balance, beginning of year. ..... 2020. $75,891.. $90,828 Expected return on Plan Assets. 5,599. 6,723 Employee contributions....... 180.. Benefits Paid.. 197 Actuarial Losses. . ...... (3,198). (2,881) Balance, end of year. .( 745)_ (18,976) $77.727. . $75 891 Required:- (a) Calculate pension expense for 2020 (5 marks) (b) Explain the following:- The funded status of the pension plan in 2020(3 marks) Contributory and non-contributory pension plans(3 marks) marks). The difference in accounting for actuarial gains and losses and past service costs under IFRS and ASPE(2