Michigan Ltd has 80 employees who each earn a gross wage of \($180\) per day. In an attempt to reduce absenteeism, Michigan Ltd introduced a new workplace agreement providing all employees with entitlement to 5 days of non-vesting, accumulating sick leave per annum, effective from 1 July 2023. Under the previous workplace agreement, all sick leave was noncumulative. During the year ended 30 June 2024, 240 days of paid sick leave were taken by employees. It is estimated that 50% of unused sick leave will be taken during the year ended 30 June 2025 and that 50% will not be taken at all.

Required 

Prepare a journal entry to recognised Michigan Ltd’s liability, if any, for sick leave at 30 June 2024.