Essay
Dunder Mae Products has a defined contribution pension plan for its employees.The plan requires the company to contribute 8% of these employees' salaries to the pension.In 2016,total salary for employees covered by the pension plan totalled $70 million,of which 85% is attributable to employees involved in manufacturing while the remaining 15% of salaries relate to administrative staff.The company contributed $3 million to the pension during the year.
Required:
Provide the summary journal entry for Dunder Mae's pension plan for 2016.
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