Continu 4 Comment on how the government-wide statements would be affected bythese transactions. Specifically. what would be the reported vacation expenses for 2018, and what woukd be the year-end accrued liability for vacation pay assuming that the beginning of year liability was so.7 million? EX.5-9 Obligations for sick leave should not be recognized as liabilities ifthey are to cover the wages of employees who actually become ill. Lemon County permits employees to accumulate any sick leave that they do not take. If employees do not use accumulated sick leave, then they will be paid for those days upon retirement or termination (up to a maximum of 45 days). In 2018 employees earned $4.0 million in sick leave. Of this amount they were paid $3.1 million. The county expects that they will be paid $0.6 million as they take sick days in future years and $0.2 million upon retirement or termination. The balance of $0.1 million will not have to be paid. 1. Based on current standards, prepare journal entries in the general fund to reflect the sick leave earned and paid for in 2018. Indicate the amount to be reported in the schedule of long-term obligations and the government-wide statements 2. What is the rationale for the standards that underlie your entries? EL 5-10 The manner in which a transfer is accounted for depends on its nature. general fund to other funds. Be sure your entry reflects the nature of the transfer Prepare general fund jourmal entries to record the following cash transfers that a city made from its