Pension plan entries Instruction Chart of Accounts Journal Final question Instructions Yuri Cooperates a chain of gift shops. The company maintains a defined contribution dension plan for its employees. The plan requires quarterly instatiments 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 $30.000 for the quarter ended December 31 Required: a. Journalize the entries to record the accrued pension Nabilly on December 31 (on page 17 of the journal) and the payment to the funding agent on January 15 (on page 12 of the journa). 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? Pension plan entries Chart of Accounts Journal Final question Instructions Journal a. Journalize the entries to record the accrued pension ability on December 31 (on page 11 of the jouma) and the payment to the tanding agent or unwary 15 (on paput of the journal). Refer to the Chart of Accounts for exact wording of account nitles: HOE 1 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POSTRES DERIT CREDIT 365,000.00 Dec. 31 Pension Expense 565,000.00 1 Dec 31 Unfunded Pension Liability Print item Pension plan entries Instructions Chart of Accounts Journal Final question Instructions Final question b. How does a defined contribution plan differ from a defined berent plan? In a defined contribution plan, the company invests contributions on behalf of the employeu pension depends on In a defined benefit plan, the employee's pension depends on and the employer obligated to pay for the employee's future personnes