Ditek Corp provides a defined contribution pension plan for its
Ditek Corp. provides a defined contribution pension plan for its employees. Under the plan, the company is required to contribute 3% of employees’ gross pay to a fund trustee each year. Ditek’s total payroll for 2011 was $2,732,864 and the company made all required payments within the year. Prepare a summary journal entry to record Ditek’s pension expense for the year.
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