The following information is available for Huntley Corporation’s pension plan for the year 2023:

Instructions

a. Calculate defined benefit expense (also known as pension expense) for the year 2023, and provide the entries to recognize the defined benefit expense and funding for the year, assuming that Huntley follows IFRS.

b. Calculate defined benefit expense (also known as pension expense) for the year 2023, and provide the entries to recognize the defined benefit expense and funding for the year, assuming that Huntley follows ASP and its accounting policy is to use an accounting basis valuation for its defined benefit obligation.

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Plan assets, January 1, 2023 Actual return on plan assets Benefits paid to retirees Contributions (funding) Discount rate Defined benefit obligation, January 1, 2023, accounting basis valuation Service cost $400,000 17,000 40,000 95,000 8% 500,000 65,000