Pen Fen Corp has a defined benefit pension expense plan for its employees. In the year ended Dec 31, 2019, Pen Fen gathered the following information ( the company uses ASPE)

• Contributions.........................................................$500,000
• Expected & Actual Return on Plan Assets ....... 10%
• Interest rate on Obligations................................12%
• Service costs relating to past services ............. $100,000
• Actuarial Loss.......................................................$40,000
• Current Service costs..........................................$630,000
• DBO - Jan 1,2019................................................$720,000
• FV Plan Assets - Jan 1 ,2019............................$590,000
• BenefitsPaid..........................................................$450,000

Required

1. Calculate the Pension expense for 2019
2. Prepare the relevant Journal Entries
3. Explain how your answer for part 1 will be different if Pen Fen uses IFRS no J/E required