Lyon Capital Company provides its employees vacation benefits and a defined benefit pension plan. Employees earned vacation
Question:
Lyon Capital Company provides its employees vacation benefits and a defined benefit pension plan. Employees earned vacation pay of \(\$ 52,300\) for the period. The pension formula calculated a pension cost of \(\$ 123,000\). Only \(\$ 100,000\) was contributed to the pension plan administrator.
Provide the journal entry for the
(a) vacation pay and
(b) pension benefit.
objs. \(2,3,4\)
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Related Book For
Financial Accounting
ISBN: 9780324380675
10th Edition
Authors: Carl S. Warren, James M. Reeve, Jonathan Duchac
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