Iskut Inc. (Iskut) provides its employees with a defined-contribution pension plan. Each year the company is required

Question:

Iskut Inc. (Iskut) provides its employees with a defined-contribution pension plan. Each year the company is required to contribute $1,000 to an investment fund for each employee. In the year ended December 31, 2017, Iskut contributed $200,000 on behalf of its 230 employees.

Required:
a. What journal entry would Iskut make to record the contribution to the pension plan?

b. What other entries would be necessary? Explain. What would appear on the about the pension plan on December 31, 2017?

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...