Instructions Yuri Co operates a chain of it shops. The company maintains a detined 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 $400,000 for the quarter ended December 31. Required: a. Journalize the entries to record the accrued pension Nability on December 31 (on page 11 of the journal) and the payment to the tundling agent on January 15 (on page 12 of the journal). Refer to the Chart of Accounts for exact wording of account titles b. How does a defined contribution plan differ from a defined benefit plan? Journal Joumalize the entries to record the accrued pension ability on December 31 (on purgo Tl of the foumal) and the payment to the funding agert on January 15 (on page 12 of the journal). Refer to the Chart of Accounts for exact wording of accountines PAGE 1 ACCOUNTING EQUATION JOURNAL CREDIT ASETS TILITIES EQUITY DAT POST ROE DATE DESCRIPTION + 2 IMGE 12 ACCOUNTING EQUATION JOURNAL ASSETS CREDIT OUTY LABILITIES DEBIT POSTRE DESCRIPTION DATE 1 2 Journal Final question The b. How does a defined contribution plan differ from a defined benefit plan? In a defined contribution plan, the company invests contributions on behalf of the employee employee's pension depends on and the employer In a defined benefit plan, the employee's pension depends on obligated to pay for the employee's future pension benefits