Please answer a and b with details about the calculation. Ivanhoe Inc. has a defined benefit plan for its employees. On December 31, 2022, the company's records showed the followinginformation related to the plan:Pension plan assetsDefined benefit obligationAll employees are expected to receive benefits under the plan. The company's actuary provided the following information as atDecember 31, 2023:$304,500376,500Current year service costPast service benefits, granted July 1, 2023Expected return on assetsActual return on assetsDiscount rate for DBOContributions for the yearBenefits paid to retirees(a)Defined benefit expense, 2023 $$49,00072,000Defined benefit expense, 202311%9%11%35,500Calculate defined benefit expense for Ivanhoe Inc. for 2023, assuming ASPE is used.16,900b) Calculate defined benefit expense for Ivanhoe Inc. for 2023, assuming IFRS is used.

To calculate the defined benefit expense for Ivanhoe Inc. for 2023, let's consider the provided…

Ivanhoe Inc. has a defined benefit plan for its employees. On December 31, 2022, the company's records showed the following information related to the plan: Pension plan assets Defined benefit obligation $304,500 376,500 All employees are expected to receive benefits under the plan. The company's actuary provided the following information as at December 31, 2023: Current year service cost Past service benefits, granted July 1, 2023 Expected return on assets Actual return on assets Discount rate for DBO Contributions for the year Benefits paid to retirees (a) Calculate defined benefit expense for Ivanhoe Inc. for 2023, assuming ASPE is used. Defined benefit expense, 2023 $ $49,000 72,000 11% 9% 11% 35,500 16,900 b) Calculate defined benefit expense for Ivanhoe Inc. for 2023, assuming IFRS is used. Defined benefit expense, 2023