The following facts apply to the pension plan of Yorke Inc. for the year 2013:

Plan assets, Jan. 1, 2013                                                             $490,000
Defined benefit obligation, funding basis, Jan. 1, 2013                389,000
Defined benefit obligation, accounting basis, Jan. 1, 2013          490,000
Interest rate and expected rate of return                                            8.5%
Annual pension service cost                                                            40,000
Contributions (funding)                                                                   30,000
Actual return on plan assets                                                            49,700
Benefits paid to retirees                                                                   33,400

Instructions
(a) Calculate pension expense for the year 2013, and provide the entries to recognize the pension expense and contributions for the year assuming that Yorke follows ASPE and uses the deferral and amortization approach.
(b) Discuss what adjustments would need to be made to your calculation and entries in part (a) if York follows IFRS and uses the immediate recognition approach instead. Provide calculations wherever possible.