1 A new company began operating on January 1, 2017 and employed 12 people. The company has a 5-day work week and all employees work 8-hour days. The company adopted an employee compensation policy that provides all of its employees with 2-weeks of paid vacation. Each employee must work the first year in full to be eligible for paid vacation in 2018 After that point, if the employee leaves the company the employee is still entitled to 2-weeks' vacation pay The following data applies in 2018: YEAR HOURLY RATE 2017 $18.00 # of VACATION DAYSTAKEN 0 6 2018 $20.50 Required Prepare all journal entries related to compensated absences for both years. 2 On January 1, 2018, Masterweave Industries issued $80,000 of 8% bonds, dated January 1. Interest is payable semi-annually on July 1 and January 1. The first payment occurs on July 1, 2018. The bonds mature in two years. The market yield for bonds of similar risk and maturity is 10%. Required Prepare the journal entry to record the issue of the bond. On January 1, 2018, An acon Company issued $100,000 of 12% bonds, dated January 1. The issue price of the bonds is 103,470. Interest is payable annually starting on January 1, 2019. The bonds mature in two years. The market yield for bonds of similar risk and maturity is 10%. Required: Prepare the bond amortization schedule (the present value of future cash flows of $103,470 is provided). On January 1, 2018 Cisco issued $100,000, 12% bonds, dated January 1, The company issued the bonds at par value. The bonds pay interest annually, starting January 1, 2019. equired: repare the journal entries relative to this bond on December 31, 2018 and January 19