Pension Plan Entries Yuri Co. operates a chain of gift shops. The company maintains a...
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Pension Plan Entries Yuri Co. operates a chain of gift shops. The company maintains a defined contribution pension plan for its employees. The plan requires quarterly installments to be paid to the funding agent, Whims Funds, by the fifteenth of the month following the end of each quarter. Assume that the pension cost is $177,500 for the quarter ended December 31 a. Joumalize the entry to record the accrued pension liability on December 31. Dec. 31 Pension Expense Unfunded Pension Liability ournalize the entry to recard the accrued pension liability payment to the funding agent on January 15. lan. 15 Unfunded Pension Liability Cash b. The pension plan where a company pays the employee a fixed annual amount based on a formula is a defined benefit plan. v
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