During 2016, Learphart Corporation contributes $35,000 to its qualified pension plan. Normal cost for this year is

Question:

During 2016, Learphart contributes $35,000 to its qualified pension plan. Normal cost for this year is $15,000, and the amount necessary to pay retirement benefits on behalf of employee services before 2016 is $110,000 (past service costs).
a. What is the corporation's maximum deduction?
b. What is the amount of the company's carryover contribution?
Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...