The following information is available for Huntley Corporation's pension plan for the year 2017:

Instructions
(a) Calculate pension expense for the year 2017, and provide the entries to recognize the pension expense and funding for the year, assuming that Huntley follows IFRS.
(b) Calculate pension expense for the year 2017, and provide the entries to recognize the pension expense and funding for the year, assuming that Huntley follows ASPE, and its accounting policy is to use an accounting basis valuation for its defined benefit obligation.

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Plan assets, January 1, 2017 Actual return on plan assets Benefits paid to retirees Contributions (funding) Discount rate Defined benefit obligation, January 1, 2017, accounting basis valuation Service cost $400,000 17,000 40,000 95,000 8% 500,000 65,000