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E10-36. (Adjusting for accrued vacation leave in government-wide financial statements) Sophie County allows employees to earn 10 days of vacation leave every year. It also
E10-36. (Adjusting for accrued vacation leave in government-wide financial statements) Sophie County allows employees to earn 10 days of vacation leave every year. It also allows employees to accumulate vacation leave and to receive cash for up to 20 days of leave on termination or retirement. Sophie's governmental fund financial statements include an accrual for vacation pay that is due and payable but not for the additional accumulated vacation leave liability. In its government-wide financial statements for the year ended December 31, 2021, Sophie reported a liability of $215,000 for additional accumulated vacation leave. Sophie's finance officer estimated accumulated leave to be $285,000 as of December 31, 2022. Prepare journal entries needed to report the liability in Sophie's 2022 government-wide statements
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