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AMM Inc. agreed to set up a retirement plan for its employees:
1. Annual contribution to a fund managed by a trustee, 400,000 every year end
2. Upon retirement, an employees shall receive retirement benefit based on whatever amount is accumulated on the fund
3. Actual contributions to the fund are: 160,000 in 2021, 250,000 in 2022, and 600,000 in 2023.
Problem 1: What is the total liability on the retirement fund on AMM Inc. as of December 31, 2023?
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To work according to the guidelines contained herein established by the church - Counting and Depositing Procedures for Sunday Offerings
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