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What amount should be accrued as a contribution to the esop

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Reference no: EM131105163

Pine Corp. is required to contribute, to an employee stock ownership plan (ESOP), 10% of its income after deduction for this contribution but before income tax. Pine's income before charges for the contribution and income tax was $75,000.

The income tax rate is 30%. What amount should be accrued as a contribution to the ESOP?

Reference no: EM131105163

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