Cho Company began operations on January 1, 2017. It employs 100 individuals who work 8-hour days and are paid hourly. Each employee earns 10 paid sick days and 14 paid vacation days annually and can be used as soon as they are earned. Both sick paid days and vacation paid days accumulate and create balance sheet liabilities for the company. Additional information is as follows:

Actual Hourly Wage Rate: 2017: $17 2018: $18 2019: $19 2020: $17

Sick Days Used By Each Employee: 2017: 5 2018: 7 2019: 9 2020: 13

Vacation Days Used By Each Employee: 2017: 7 2018: 9 2019: 11 2020: 11

Instructions:

1. Prepare the journal entries to record the transactions related to compensated absences in 2017, 2018, 2019, and 2020.
2. Compute the amounts of any liability for compensated absences at year-end 2017, 2018, 2019, and 2020.

Please show work.