This year, Mrs. Bard, who is head of Lyton Industries’s accounting and tax department, received a compensation package o

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answerhappygod
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This year, Mrs. Bard, who is head of Lyton Industries’s accounting and tax department, received a compensation package o

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This year, Mrs. Bard, who is head of Lyton Industries’saccounting and tax department, received a compensation package of$360,000. The package consisted of a $300,000 current salary and$60,000 deferred compensation. Lyton will pay the deferredcompensation in three annual $20,000 installments beginning withthe year in which Mrs. Bard retires. Lyton accrued a $60,000unfunded liability for the deferred compensation on its currentyear financial statements. Assume Mrs. Bard retires in 2024 andreceives her first $20,000 payment from Lyton Industries.
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