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JLP Inc has agreed to make the following payments to its defined contribution pension plan: - $39,000 at the end of 20X5. - $72,000 at
JLP Inc has agreed to make the following payments to its defined contribution pension plan: - $39,000 at the end of 20X5. - $72,000 at the end of 20X7. Both payments relate employees' 20X5 service. JLP has determined an appropriate discount rate is 7%. Required: Prepare the journal entry to record the contribution to the pension plan on in 20X5. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)
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