Darwin Inc. has a defined benefit plan for its employees. On December 31, 2019 the companys records showed the following information related to the plan:

Pension plan assets $296,600

Defined benefit obligation 375,600

All employees are expected to receive benefits under the plan. The companys actuary provided the following information as at December 31, 2020:

Current year service cost $48,000

Past service benefits, granted July 1, 2020 79,000

Expected return on assets 12%

Actual return on assets 10%

Discount rate on DBO 12%

Contributions for the year 35,000

Benefits paid to retirees 16,500

Required:

1. Calculate pension expense for Darwin Inc. for 2020, assuming ASPE is used.

2. Calculate pension expense for Darwin Inc. for 2020, assuming IFRS is used.