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Wiley Corp. provides a defined benefit pension plan for its employees. The trustee administering the plan provided the following information for the year ended December 31, 2020:
Fair value of plan assets, Jan 1......................................... $ 1,200,000 Defined benefit obligation, Jan 1..................................... 1,270,000 Current service cost......................................................... 300,000 Employer's contributions ............................................... 360,000 Past service cost (at Jan 1)............................................... 30,000 Benefits paid retirees....................................................... 325,000 Actual return on plan assets ............................................ 5% Interest (discount) rate.................................................... 8%
Problem 1: What is the pension expense to be reported for 2020 using IFRS?
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