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) A company reported $430,000 of pension expense in its income statement

) A company reported $430,000 of pension expense in its income statement. The balance sheet showed that the pension liability increased by $29,000 over the year.

 

Requirement:

How much cash was paid to the pension trustee during the period?

 

12) Gander Products has a defined contribution pension plan for its employees. The plan requires the company to contribute 6% of these employees' salaries to the pension. In 2013, total salary for employees covered by the pension plan totalled $40 million, of which 75% is attributable to employees involved in manufacturing while the remaining 25% of salaries relate to administrative staff. The company contributed $500,000 to the pension during the year.

 

Requirement:

Provide the summary journal entry for Gander's pension plan for 2013.

Dec 13 2019 View more View Less

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