Provisions Balmer Ltd started the year with a long service leave (LSL) liability of $42 000 for

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Provisions Balmer Ltd started the year with a long service leave (LSL) liability of $42 000 for its long-term employees.

During the year, employees accrued LSL entitlements with a present value of $147 600 and the company paid

$157 400 to employees for LSL taken during the year. Calculate the amount of the LSL expense for the year and the LSL liability at the end of the year.

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