14 Ritter Company has 35 employees who work 8-hour days and are paid hourly. On January 1, 2003, thit vacation each year. Vacation days earned in 2003 may first be taken on January 1, 2004 Information Year Hourly 2003 Wages Vacation Days Earned by Each Employee Vacation Days Used by Each Employee 2004 17.20 10 0 2005 19.00 10 8 10 10 Ritter has chosen to accrue the liability for compensated absences at the current rates of pay in effect when the compensated time is earned. What is the amount of expense relative to compensated absences that should be reported on Ritter's income statement for 2003 ? $45,920 $48,160 $50,400 S-0- Moving to the next question prevents changes to