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TR$19-1$ Defined Contribution Plan $($LO $19-2)$

Sotherlin Inc. has a defined contribution plan. It has agreed to pay $$230,000$ now at the end of $204$ and another payment of $$145,000$ at the end of $206$ for employees' services for $204.$ The current interest rate is $4\%.$

$($PV of $$1,$ PVA of $$1,$ and PVAD of $$1.)($Use appropriate factor$($s$)$ from the tables provided.$)$

Required:

Prepare the journal entry for the pension expense for $204.($If no entry is required for a transaction$/$event$,$ select $"$No journal entry required" in the first account field. Round your answers to nearest whole dollar.$)$

Journal entry worksheet

$1$

Record the pension expense.

Note: Enter debits before credits.

$\backslash$table$[[$Transaction$,$General Journal,Debit,Credit$],[1,,,],[,,,],[,,,],[,,,]]$

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