Recording Entries for Defined Contribution Plan Hewlatt Inc. sponsors a defined contribution plan for its employees. In 2020, salaries eligible for a 3% payment toward defined contribution plans of employees are $880,000. Hewlatt funded 100% of its obligation to fund 3% toward contribution plans as of the end of the year. Hewlatt Inc. will also match contributions made by employees by the end of the year, up to 5% of salaries. Hewlatt estimates the obligation to match up to 5% of salaries to be $15,000 on December 31, 2020. The amount will be paid to defined contribution plan in January of 2021. Record Hewlatt Inc.'s journal entries related to its defined contribution plan in 2020. Date Account Name Dr. Cr. Dec. 31, 2020 To record pension expense Dec. 31, 2020 To record plan funding