The following information is available for Huntley Corporation's pension plan for the year 2020: 

Instructions 

a. Calculate pension expense for the year 2020, 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 2020, 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.

Transcribed Image Text:

Plan assets, January 1, 2020 $400,000 Actual return on plan assets 17,000 Benefits paid to retirees 40,000 Contributions (funding) 95,000 Discount rate 8% Defined benefit obligation, January 1, 2020, accounting basis valuation 500,000 Service cost 65,000