Exercise 19-2 Pharoah Ltd. provides a defined contribution pension plan for its employees. Currently, the...
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Exercise 19-2 Pharoah Ltd. provides a defined contribution pension plan for its employees. Currently, the company has 44 full-time and 64 part-time employees. The pension plan requires the company to make an annual contribution of $2,100 per full-time employee, and $1,450 per part-time employee, regardless of their annual salary. In addition, employees can match the employer's contribution in any given year At the beginning of the year, 13 full-time and 19 part-time employees elected to contribute to their pension plan by matching the company's contribution. An equal amount of funds was withheld from the employees' cheques in order to fund their pension contribution. Both the employees' and employer's contributions are sent to the plan trustee at year end What amount of annual pension expense will the company report? Pension expense to be reported $ SHOW LIST OF ACCOUNTS LINK TO TEXT Prepare a summary journal entry to record Pharoah Ltd.'s payment to the plan trustee. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit
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