Dunder Mae Products Has a Defined Contribution Pension Plan for Its

question 37

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 2019, 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 2019.

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Definitions:

Intrinsic Motivation

Intrinsic motivation is driven by an interest or enjoyment in the task itself, without external reward or pressure.

Extrinsic Motivation

The drive to perform activities due to external rewards or pressures rather than for intrinsic satisfaction.

Components of Motivation

The various elements that drive an individual's behavior towards goals, including intrinsic and extrinsic motivators, desires, and needs.

Action of Insulin

The process by which insulin, a hormone produced by the pancreas, helps cells absorb glucose from the bloodstream to be used for energy or stored for future use.