Problem
A company has a defined benefit pension plan with the following information available for Year 1: DBO (opening balance) of $209,070; Plan assets (opening balance) of $199,070; Service cost of $57,750; Employer contributions (paid evenly through the year) of $76,620; Applicable interest or discount rate of 10%; Actual return on plan assets of $24,900; Actuarial loss due to change in actuarial assumptions of $13,910. What's the company's pension expense for Year 1 assuming IFRS and that the expected return on plan assets is computed using the average asset balance? Ending asset balance is the opening balance plus the net additions of funds to the assets during the year.