Only attempt if time permits! B1) The following information pertains to Isbell Co.'s defined benefit pension plan for 2003: Fair value of plan assets, beginning of year: $350,000 Fair value of plan assets, end of year: $525,000 Contributions: $110,000 Benefits paid to retirees: $85,000 What was the actual return percentage that Isbell's pension plan assets earned? B2) Lee Corp files its taxes on 12-31-15, with a current marginal tax rate of 30% and an expected marginal tax rate for later years of 25%. Due to a tax law passed near the end of 2015, Lee is uncertain about the deductibility of $30,000 worth of expenses. Lee chooses to file a return with $700,000 in pretax income, including that $30,000 expense deduction. Lee's CPA informs them the will not meet the standard of "more likely than not" regarding that deduction. Please make any necessary entries in Lee's books regarding taxes for Dec 31, 2015, as well as any entries required after the IRS concludes that only $8,000 of the uncertain deduction is permitted (deductible).

In an organization employees are the most important resource and most important asset. They can lead an organization to the sky or can be the reason for unsuccessful of business. Therefore, it is very much important that employees of an organization shou…