Accrued Vacation Pay A business provides its employees with varying amounts of vacation per year, depending on the length of employment. The estimated amount of the current year's vacation pay is $87,600, Journalize the adjusting entry required on January 31, the end of the first month of the current year, to record the accrued vacation pay. If an amount box does not require an entry, leave it blank. 89 b. How is the vacation pay reported on the company's balance sheet? When is this amount removed from the company's balance sheet? 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 $204,700 for the quarter ended December 31. a. Journalize the entry to record the accrued pension liability on December 31. If on amount box does not require an entry, leave it blank. Dec. 31 Joumalize the entry to record the accrued pension liability payment to the funding agent on January 15, If an amount box does not require an entry, leave it blank. Jan. 15 b. The pension plan where a company pays the employee a fixed annual amount based on a formula is o