What amount of pension expense will the company report

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Blossom Limited provides a defined contribution pension plan for its employees. The plan requires the company to deduct 4% of each employee's gross pay for each payroll period as the employee contribution. The company then contributes 7% of the gross pay for the employer contribution. Both amounts are remitted to the pension trustee within 10 days of the end of each month for the previous month's payrolls. At November 30, 2020, Blossom reported $24,000 of combined withheld and matched contributions owing to the trustee. During December, Blossom reported gross salaries and wages expense of $240,000.

Use the account Pension Contributions Payable. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.)

Problem 1: What amount of pension expense will the company report for December 2020?

Reference no: EM132742195

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