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Pls solve and show work thanks Vacation Pay and Pension Benefits Harvey Company provides its employees with vacation benefits and a defined benefit pension plan.
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Vacation Pay and Pension Benefits Harvey Company provides its employees with vacation benefits and a defined benefit pension plan. Employees earned vacation pay of $47,900 for the period. The pension formula indicated a pension cost of $338,020. Only $298,300 was contributed to the pension plan administrator. Required: a. Provide the journal entry for the vacation pay. If an amount box does not require an entry, leave it blank. Vacation Pay Expense 47,900 Vacation Pay Payable 47,900 b. Provide the journal entry for the pension benefit. If an amount box does not require an entry, leave it blank. Pension Expense Cash Unfunded Pension LiabilityStep by Step Solution
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