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Romaine in the Room has set up a defined contribution pension plan for its employees. All of the company's employees are required to contribute. Romaine
Romaine in the Room has set up a defined contribution pension plan for its employees. All of the company's employees are required to contribute. Romaine in the Room has agreed to contribute 6% of employees' salaries to the pension trust. Employees have the option of also contributing up to an extra 3% of their salaries to the plan as well. For these optional contributions, Romaine in the Room has committed to contributing $0.75 to the pension trust for every $1 contributed by employees. For the year ended December 31, 2032, salaries totalled $5085818. In the same period, employees made $152485 in contributions to the plan that qualified for matching. What is the total pension expense that the company will recognize in its income statement for the year ended December 31, 2032
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