Yuri Co. operates a chain of gift shops. The company maintains a defined contribution pension plan for its employees. The plan requires quarterly installments to be paid to the funding agent, Whims Funds, by the fifteenth of the month following the end of each quarter. Assume that the pension cost is $174,700 for the quarter ended December 31. a.  Journalize the entry to record the accrued pension liability on December 31. Dec. 31   fill in the blank e66661fef043ffe_2 fill in the blank e66661fef043ffe_3     fill in the blank e66661fef043ffe_5 fill in the blank e66661fef043ffe_6 Journalize the entry to record the accrued pension liability payment to the funding agent on January 15. Jan. 15   fill in the blank cdac31fd9fc3ffd_2 fill in the blank cdac31fd9fc3ffd_3     fill in the blank cdac31fd9fc3ffd_5 fill in the blank cdac31fd9fc3ffd_6 b.   The pension plan where a company pays the employee a fixed annual amount based on a formula is a

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
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Chapter1: Financial Statements And Business Decisions
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Pension Plan Entries

Yuri Co. operates a chain of gift shops. The company maintains a defined contribution pension plan for its employees. The plan requires quarterly installments to be paid to the funding agent, Whims Funds, by the fifteenth of the month following the end of each quarter. Assume that the pension cost is $174,700 for the quarter ended December 31.

a.  Journalize the entry to record the accrued pension liability on December 31.

Dec. 31   fill in the blank e66661fef043ffe_2 fill in the blank e66661fef043ffe_3
    fill in the blank e66661fef043ffe_5 fill in the blank e66661fef043ffe_6

Journalize the entry to record the accrued pension liability payment to the funding agent on January 15.

Jan. 15   fill in the blank cdac31fd9fc3ffd_2 fill in the blank cdac31fd9fc3ffd_3
    fill in the blank cdac31fd9fc3ffd_5 fill in the blank cdac31fd9fc3ffd_6

b.   The pension plan where a company pays the employee a fixed annual amount based on a formula is a 

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