FRANKINCENSE Corporation has a defined contribution retirement plan that covers its seventy- five existing employees. The terms of the plan require FRANKINCENSE to contribute 7.5% of the annual employees' salaries to the retirement plan of each year. The payroll records show the average quarterly salaries as follows: 2020 1,275,850 2021 1,390,675
FRANKINCENSE Corporation has a defined contribution retirement plan that covers its seventy- five existing employees. The terms of the plan require FRANKINCENSE to contribute 7.5% of the annual employees' salaries to the retirement plan of each year. The payroll records show the average quarterly salaries as follows: 2020 1,275,850 2021 1,390,675
Chapter19: Deferred Compensation
Section: Chapter Questions
Problem 16CE
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9. How much is the annual retirement benefit expense for the year ended December 31, 2021?
₱ 312,902
₱ 104,301
₱ 1,390,675
₱ 417,203
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