The Francis W. Parker School, a private academy, has a reporting year ending June 30. It hires teachers for a 10 -month period: September of one year through June of the following year. It contracts to pay teachers in 12 monthly installments over the period September of one year through August of the next year. For the current academic year, suppose that the total contractual salaries to be paid to teachers is \(\$ 360,000\). How should the school account for this amount in the financial statements issued June 30, at the end of the academic year?