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Vandiver Company provides its employees with vacation benefits and a defined benefit pension plan. Employees earned vacation pay of $62,000 for the period. The pension
Vandiver Company provides its employees with vacation benefits and a defined benefit pension plan. Employees earned vacation pay of $62,000 for the period. The pension for- mula indicated a pension cost of $342,920. Only $298,000 was contributed to the pension plan administrator. Provide the journal entry for the (a) vacation pay and (b) pension benefit
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