Yuri Co. operates a chain of gift shops. The company maintains a defined contribution pension plan for its employees. The plan requires quarterly installments to be paid to the funding agent, Whims Funds, by the fifteenth of the month following the end of each quarter. Assume that the pension cost is $122,600 for the quarter ended December 31. Required:
Journalize the entry to record the accrued pension liability payment to the funding agent on January 15.

Date                   Account Title                      Debit           Credit

31 Dec.       Pension Expense                      $122,600

                   Unfunded pension liability                           $122,600

                   (To record the quarterly pension cost)

15 Jan.        Unfunded pension liability        $122,600

                   Cash                                                              $122,600

                   (To record the payment of accrued pension liability)

the correct answer is economics is a game without winners or losers.

unlike sports or games economic is a game without losers or winner rather it is a game where everyone wins. parties of business doing businesses exchange money with each other and hence exchange is done on the basis of goods. one party takes the goods and other sales it so there is winner on both sides. each party values more highly the good it gets than the good it gives up. both sides exchange only because both intend to increase their value. so there is no concept of lose or win.