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Jordan and Tony's Ice Cream offers a defined-contribution plan to its employees. Under the terms of the plan, Jordan and Tony must contribute 8% of
Jordan and Tony's Ice Cream offers a defined-contribution plan to its employees. Under the terms of the plan, Jordan and Tony must contribute 8% of its employees' salaries. Prepare the journal entry required to record the cost of this plan, assuming that total salaries for the year are equal to $876,000 and that the sponsor corporation contributes the full amount due under the plan. (Record debits first, then credits. Exclude explanations from any journal entries.) Account Current Year
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