(a) Provide the week (b) Provide the appropriate journal entries, assumit assuming that the tax deducted from the payment for the two weeks is 16 Surf School Lid has six employees who are entitled to long-service leave (LSL). The LSL can be lich time the employee is entitled to 13 weeks' leave, Entitlements to payment on departure arise after a years of service. The followin information about the employees is available: Probability High-quality corporate No. of Current salary Years of % that LSL Periods to bond rate (%) employees per employee service will be paid maturity NNN 50 000 65 000 ON 70000 00 00 CO Employees' salaries are expected to increase by 2.5 per cent per annum. The opening balance of the LSL provision was $32500, and the interest rate for corporate bonds for all relevant periods to maturity was 8 per cent at the beginning of the year. REQUIRED What is the entry to record LSL expense for the current period (round amounts to the nearest dollar)? LO 12.2, 12.3 CHALLENGING QUESTIONS 17 Bear Island Lid has a weekly payroll of $300 000. The employees receive entitlements to two weeks' sick leave per year. The sick-leave entitlements are classified as non-vesting. Past experience, and experience within the industry, suggest that 60 per cent of employees w use their full two weeks' entitlement each year; 20 per cent of employees will take one week's sick leave each year; and 10 per cent of employees will take one day's sick leave each year. REQUIRED (a) Calculate the expected annual sick-leave expense for Bear Island Lid (on the basis of average salaries). (b) Provide the journal entries necessary to recognise the sick-leave entitlement expense as it accrues. LO 12.2, 12.3, 12.4 18 Alexandra Bay Lid has five employees. According to their particular employment award, long-service leave can be taken after 12 ye