Templeton Company sponsors a defined contribution pension plan for its employees. The plan specifies that the company will contribute $2 for every dollar that an employee contributes to the plan. Employees are eligible to contribute up to 5% of their salary to the pension plan. During the current year, employees covered by the pension plan earned salaries totalling $40 million. Employee contributions to the pension totalled $1.8 million. Templeton contributed $3 million to the plan during the year.

Required:

Provide the summary journal entry for Templeton’s pension plan for the year.