Rice Ltd agrees to contribute 5% of employees’ total remuneration into a post- employment plan each period. In the year ended 31 December 2020, the company paid total salaries of $10.5 million. A...

Rice Ltd agrees to contribute 5% of employees’ total remuneration into a post- employment plan each period.

In the year ended 31 December 2020, the company paid total salaries of $10.5 million. A bonus of $3million based on the income for the period was paid to the employees in March 2021.

The company had paid $510,00 into the plan by 31 December 2020.

Required:

Calculate the total profit or loss expenses for post-employment benefits for the year and the accrual which will appear in the statement of financial position at 31 December 2020.