Bridgeport Inc. has a defined benefit plan for its employees. On December 31, 2019 the company’s...

Bridgeport Inc. has a defined benefit plan for its employees. On December 31, 2019 the company’s records showed the following information related to the plan:

Pension plan assets		$843,000
Defined benefit obligation		923,000

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

Current year service cost		$178,000
Past service benefits, granted July 1, 2020		29,000
Discount rate		5%
Actual return on assets		6%
Contributions for the year		265,000
Benefits paid to retirees		125,000

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

Pension expense, 2020

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

Pension expense, 2020

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