Putnam Company provides its employees vacation benefits and a defined contribution pension plan. Employees earned vacation pay of $24,000 for the period. The pension formula calculated a pension cost of $257,000. Only $15,420 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. 88 (b) Provide the journal entry for the pension benefit. If an amount box does not require an entry, leave it blank.

Putnam Company provides its employees vacation benefits and a defined contribution pension plan. Employees earned vacation pay of $24,000 for the period. The pension formula calculated a pension cost of $257,000. Only $15,420 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. 88 (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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Scott Hobson Enterprises has a defined benefit pension plan. At the end of the reporting year, the following data were available: beginning PBO, $75.000; service cost, $14,000; interest cost, $6,000; benefits paid for the year, $9,000; ending PBO, $89,000; and the expected return on plan assets, $10.000. There were no other pension-related costs. The journal entry to record the annual pension costs will include a debit to pension expense for: Multiple Choice $20,000. $12,000. $10,000. $15,000. 17 of 39 Next > Prev Show Question no....pages df Question no....pages MacBook Air ...