Yuri Co, operates a chain of gitt shops. The company maintains a defined contrbution pension plan for its employees. The plan requires quarierly instalmants to be padd to the funding agent, Whims Funds, by the fiftoenth of the month following the end of each quarter. Assume that the pension cost is $360,000 for the quartar anded December 31 . Aequiredt a. Joumalize the entries to rocord the acerued pension Nability on December 31 and the payment to the funding agent an lanuary t5. Aleter to the chart of accounts for the exact wording of the acoount tibes. CNOW joumals do not use lines for joumal oxplanatons. Every line on a journal page is used for debit or credit entries. CNOW ioumals will automatically indent a credit entyy when a credit anount is entered b. How does a defined contribution plan differ tram a defined benefi plan? Yuri Co. operates a chain of gitt shops. The company mairtains a detinod contribution penaion plan for its employees. The plan requiren quaterly intalments to be paid to the funding agent. Whims Funds, by the titteenth of the month following the end of each quarter. Assume that the ponsion cost is $380,000 for the quarter endod December 31 . Required: a. Journaize the eatries to recond the accrued pension liabwty on Docember 31 and the payment fo the fundhg agent on January 15 . Aarer to the ohart of acoounts for the exact wording of the account tibes. CNOW poumalt do not use Anes for foumat axplanations, Every ine on a joumal page is used for debit or credit entries. CNOW ioumais will automanicaly indent a crelit entry whan a credt amount is entered b. How does a defned contribution plan difler hom a dehined beneit ptan