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What is the pension expense for the following plan?
"The plan requires the company to contribute $500 for each of its 1,000 employees. The plan hopes to accumulate enough funds so that retirees receive $20,000 in the future; the company has no obligation to guarantee the investment returns."
A) $500
B) $20,000
C) $500,000
D) $20,000,000
3) Tener Company sponsors a defined contribution pension plan for its employees. The plan specifies that the company will contribute $2 for every dollar that an employee contributes to the plan. Employees are eligible to contribute up to 7% of their salary to the pension plan. During 2012, employees covered by the pension plan earned salaries totalling $42 million. Employee contributions to the pension totalled $2.1 million. Tener contributed $3 million to the plan during the year.
Requirement:
Provide the summary journal entry for Tener's pension plan for 2012.
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