C. Vanco Company has 35 employees who work 8-hour days and are paid hourly. On January 1, 2022, the company began a program of granting its employees 10 days of paid vacation each year. Vacation days earned in current year may first be taken on January 1 of next year. Information relative to these employees is as follows: Hourly Year Wages Vacation Days Earned by Each Employee Vacation Days Used by Each Employee 2022 $20.50 2023 22.50 10 10 Vanco has chosen to accrue the liability for compensated absences at the current rates of pay in effect when the compensated time is earned. Required (10 points): prepare journal entries to record transactions related to compensated absences during 2022 and 2023.