Culver City recognizes as revenues/expenditures those amounts collected/paid during the year or within 60 days of fiscal year-end. The City offers a pension benefit to its employees who meet certain age and years of employment criteria.  The City participates in the State Pension Plan.  The City s actuarially determined contribution requirement to the State Pension Plan for the fiscal year ended 6/30/2022 is $4 million.  Due to cash inflow shortages the City, which budgeted $4 million for pension payments, paid only $3 million in the fiscal year that ended 6/30/2022. The City paid the remaining amount on September 30, 2022.  Assuming the City maintains its books and records in a manner that facilitates the preparation of its fund.

What is the appropriate entry to record the pension payments and recognize any associated liability?

Answer rating: 100% (QA)

To record the pension payments and recognize the associated liability the appropriate entries would ... View the full answer