Current Attempt in Progress

Oriole Limited is a publicly traded company on the Toronto Stock Exchange. The company sponsors a defined benefit pension plan for all of its employees, and the controller provides you with the following data that relate to the plan for fiscal 2020:

1.		The actuary has determined that the actuarial present value of future benefits earned by employees for services rendered in the year amounted to $91,160.
2.		The plan requires Oriole to make a cash contribution of $185,500 to the plan assets for 2020.
3.		On January 1, 2020, the companys defined benefit obligation was $1,091,800, and the fair value of pension plan assets was $1,007,000. The plan assets generated a return of $59,360 during the year, and Orioles discount rate was 8%.
4.		Benefits of $79,500 were paid in 2020.
5.		In late December 2020, an actuarial revaluation of the defined benefit obligation indicated an actuarial loss of $30,740.

(a)

Determine the pension expense that should be recognized by the company in 2020.

Pension expense