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Question - Cullumber Corp. provides a defined contribution pension plan for its employees. The plan requires Cullumber to contribute 5% of employees' gross pay to a fund trustee each year. Cullumber's total payroll for 2020 was $2,851,200. At the start of 2020, Cullumber revised the terms of the plan, which resulted in past service costs of $867,900. Cullumber expects to realize the economic benefits from the plan change for at least five years, beginning in 2020.
Required -
a) Calculate Cullumber's pension expense for 2020 assuming that the company follows IFRS.
b) Calculate Cullumber's pension expense for 2020 assuming that the company follows ASPE.
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