Vacation Pay and Pension Benefits

Putnam Company provides its employees vacation benefits and a defined contribution pension plan. Employees earned vacation pay of $$20,000$ for the period. The pension formula calculated a pension cost of $$250,000.$ Only $$15,000$ was contributed to the pension plan administrator.

$($a$)$ Provide the journal entry for the vacation pay. If an amount box does not require an entry, leave it blank.

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$($b$)$ Provide the journal entry for the pension benefit. If an amount box does not require an entry, leave it blank.

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