Tener Company Sponsors a Defined Contribution Pension Plan for Its

question 28

Essay

Tener Company sponsors a defined contribution pension plan for its employees.The plan specifies that the company will contribute $2 for every dollar that an employee contributes to the plan.Employees are eligible to contribute up to 7% of their salary to the pension plan.During 2012,employees covered by the pension plan earned salaries totalling $42 million.Employee contributions to the pension totalled $2.1 million.Tener contributed $3 million to the plan during the year.
Requirement:
Provide the summary journal entry for Tener's pension plan for 2012.

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Definitions:

Performance

The act of carrying out or accomplishing an action, task, or function.

Causal Factors

Elements or conditions that bring about an effect or contribute to producing a result.

Experimental Method

A research methodology that systematically manipulates one or more variables to determine their effects on other variables, typically used to establish cause-and-effect relationships.

Variables

Elements or factors that can change and affect the outcome of an experiment or study.