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Required: Prepare the journal entry for the pension expense for 20X4. (If no entry is required for a transaction/event, select "No Journal required" In the first account field. Round your answers to nearest whole dollar.)

Required: Prepare the journal entry for the pension expense for 20X4. (If no entry is required for a transaction/event, select "No Journal required" In the first account field. Round your answers to nearest whole dollar.)

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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TR19-1 Defined Contribution Plan (LO 19-2) Sotherlin Inc. has a defined contribution plan. It has agreed to pay $220,000 now at the end of 20X4 and another payment of $140,000 at the end of 20X6 for employees' services for 20X4. The current Interest rate is 6%. (PV of $1, PVA of $1, and PVAD of $1.) (Use appropriate factor(s) from the tables provided.) Required: Prepare the journal entry for the pension expense for 20X4. (If no entry is required for a transaction/event, select "No journal er required" In the first account fleld. Round your answers to nearest whole dollar.) View transaction list Journal entry worksheet 1 Record the pension expense. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 Pension expense 344,600 Cash 344,600
Transcribed Image Text:TR19-1 Defined Contribution Plan (LO 19-2) Sotherlin Inc. has a defined contribution plan. It has agreed to pay $220,000 now at the end of 20X4 and another payment of $140,000 at the end of 20X6 for employees' services for 20X4. The current Interest rate is 6%. (PV of $1, PVA of $1, and PVAD of $1.) (Use appropriate factor(s) from the tables provided.) Required: Prepare the journal entry for the pension expense for 20X4. (If no entry is required for a transaction/event, select "No journal er required" In the first account fleld. Round your answers to nearest whole dollar.) View transaction list Journal entry worksheet 1 Record the pension expense. Note: Enter debits before credits. Transaction General Journal Debit Credit 1 Pension expense 344,600 Cash 344,600
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