Of this amount, P350,000 is in part exchange for services performed by employees for 2020, and the balance of P50,000 is in respect of services to be performed in 2021. Required: Prepare journal entry to recognize the contribution on December 31, 2020. Reese Company reported the following information with respect to a defined benefit plan: Employee Benefit Plan Contribution Required: 2020 850,000 700,000 2021 1,000,000 1,050,000 1. Prepare journal entries in 2020 and 2021. 2. Determine the amount of any prepaid or accrued benefit cost to be reported in the statement of financial position for each year.