Vandiver Company provides its employees vacation benefits and a defined benefit pension plan. Employees earned vacation pay
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Vandiver Company provides its employees vacation benefits and a defined benefit pension plan. Employees earned vacation pay of $62,000 for the period. The pension formula calculated a pension cost of $342,920. Only $298,000 was contributed to the pension plan administrator. Provide the journal entry for the
(a) Vacation pay and
(b) Pension benefit.
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Related Book For
Accounting
ISBN: 9781337902687
28th Edition
Authors: Carl S. Warren, Christine Jonick, Jennifer Schneider
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