Solved: Pine corp is required to contribute to an employee stock, Financial Accounting

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Pine corp is required to contribute to an employee stock

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?

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Financial Accounting: Pine corp is required to contribute to an employee stock

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Financial Accounting: Pine corp is required to contribute to an employee stock

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