Umbria Products has a defined contribution pension plan for its employees. The plan requires the company to contribute 15% of these employees’ salaries to the pension. For the current year, total salary for employees covered by the pension plan amounted to $60 million, of which 80% is attributable to employees involved in manufacturing while the remaining 20% of salaries relate to administrative staff. The company contributed $7 million to the pension plan during the year.

Required:

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