Question: Costello Co. established a defined contribution plan in which the company contributes 3% of full-time employees salaries to a traditional 401(k) plan for each completed

Costello Co. established a defined contribution plan in which the company contributes 3% of full-time employees salaries to a traditional 401(k) plan for each completed year of service. The amount of salaries eligible for the contribution totaled $ 420,000 in 2020.

1. Record the entry for Costello Co. for the contribution to the plan, assuming 100% funding.

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