All of the following are conditions that need to be present in order for a CP plan to motivate employees EXCEPT:

Your bank offers discount loans at a discount rate of 7.50%

If you borrowed $50,000 as a discount loan from the bank today at this rate (you receive less than the face value today and repay the face value in one year), how much money would you receive today? What is the EAR of this loan? What will be an ideal response?

Prepare the general journal entry to record the payment of the retirement fund withholdings

___________________________________________ _________ _________ ___________________________________________ _________ _________ ___________________________________________ _________ _________ ___________________________________________ _________ _________ What will be an ideal response?