Required information Problem 13-54 (LO 13-1) (Algo) [The following information applies to the questions displayed below.] Javier recently graduated and started his career with DNL Incorporated. DNL provides a defined benefit plan to all employees. According to the terms of the plan, for each full year of service working for the employer, employees receive a benefit of 1.5 percent of their average salary over their highest three years of compensation from the company. Employees may accrue only 30 years of benefit under the plan (45 percent). Determine Javier's annual benefit on retirement, before taxes, under each of the following scenarios (Use Exhibit 13-1): Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount. Leave no answers blank. Enter zero if applicable. Problem 13-54 Part c (Algo) c. Javier works for DNL for six years and three months before he leaves for another job. Javier's annual salary was $83,000, $93,000, $98,800, and $104,200 for years 4, 5, 6, and 7, respectively. DNL uses a five-year cliff vesting schedule. Annual before-tax benefit
Required information Problem 13-54 (LO 13-1) (Algo) [The following information applies to the questions displayed below.] Javier recently graduated and started his career with DNL Incorporated. DNL provides a defined benefit plan to all employees. According to the terms of the plan, for each full year of service working for the employer, employees receive a benefit of 1.5 percent of their average salary over their highest three years of compensation from the company. Employees may accrue only 30 years of benefit under the plan (45 percent). Determine Javier's annual benefit on retirement, before taxes, under each of the following scenarios (Use Exhibit 13-1): Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount. Leave no answers blank. Enter zero if applicable. Problem 13-54 Part c (Algo) c. Javier works for DNL for six years and three months before he leaves for another job. Javier's annual salary was $83,000, $93,000, $98,800, and $104,200 for years 4, 5, 6, and 7, respectively. DNL uses a five-year cliff vesting schedule. Annual before-tax benefit
Chapter19: Deferred Compensation
Section: Chapter Questions
Problem 14CE
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please answer in text form and in proper format answer with must explanation , calculation for each part and steps clearly
![Required information
Problem 13-54 (LO 13-1) (Algo)
[The following information applies to the questions displayed below.]
Javier recently graduated and started his career with DNL Incorporated. DNL provides a defined benefit plan to all
employees. According to the terms of the plan, for each full year of service working for the employer, employees receive a
benefit of 1.5 percent of their average salary over their highest three years of compensation from the company. Employees
may accrue only 30 years of benefit under the plan (45 percent).
Determine Javier's annual benefit on retirement, before taxes, under each of the following scenarios (Use Exhibit 13-1):
Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount. Leave no
answers blank. Enter zero if applicable.
Problem 13-54 Part c (Algo)
c. Javier works for DNL for six years and three months before he leaves for another job. Javier's annual salary was $83,000, $93,000,
$98,800, and $104,200 for years 4, 5, 6, and 7, respectively. DNL uses a five-year cliff vesting schedule.
Annual before-tax benefit](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Ff84c16e5-3b91-4107-8bd4-ae307001d917%2F7ec5896d-2c9b-476d-ac56-410625f85eef%2Figvqtrs_processed.png&w=3840&q=75)
Transcribed Image Text:Required information
Problem 13-54 (LO 13-1) (Algo)
[The following information applies to the questions displayed below.]
Javier recently graduated and started his career with DNL Incorporated. DNL provides a defined benefit plan to all
employees. According to the terms of the plan, for each full year of service working for the employer, employees receive a
benefit of 1.5 percent of their average salary over their highest three years of compensation from the company. Employees
may accrue only 30 years of benefit under the plan (45 percent).
Determine Javier's annual benefit on retirement, before taxes, under each of the following scenarios (Use Exhibit 13-1):
Note: Do not round intermediate calculations. Round your final answers to the nearest whole dollar amount. Leave no
answers blank. Enter zero if applicable.
Problem 13-54 Part c (Algo)
c. Javier works for DNL for six years and three months before he leaves for another job. Javier's annual salary was $83,000, $93,000,
$98,800, and $104,200 for years 4, 5, 6, and 7, respectively. DNL uses a five-year cliff vesting schedule.
Annual before-tax benefit
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