Osterman Company provides its employees vacation benefits and a defined contribution pension plan. Employees earned vacation pay of $23,000 for the period. The pension formula calculated a pension cost of $246,000. Only $14,760 was contributed to the pension plan administrator. (a) Provide the journal entry for the vacation pay. If an amount box does not require an entry, leave it blank. (b) Provide the journal entry for the pension benefit. If an amount box does not require an entry, leave it blank.

Osterman Company provides its employees vacation benefits and a defined contribution pension plan. Employees earned vacation pay of $23,000 for the period. The pension formula calculated a pension cost of $246,000. Only $14,760 was contributed to the pension plan administrator. (a) Provide the journal entry for the vacation pay. If an amount box does not require an entry, leave it blank. (b) Provide the journal entry for the pension benefit. If an amount box does not require an entry, leave it blank.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter19: Accounting For Post Retirement Benefits

Section: Chapter Questions

Problem 3C

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