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How much is the retirement benefit expense

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Question - ABC Company provides retirement benefits to employees through defined contribution plan. The plan provides that ABC Company shall contribute annually 9% of gross payroll to a funding agency. In addition, the entity is also required to contribute 6% of annual sales exceeding 15,000,000. During 2020, gross payroll of the company was P 6,500,000 and total sales amounted to P 32,000,000.

Required - How much is the retirement benefit expense taken to profit or loss for the year 2020?

Reference no: EM132902597

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