Employees of Phaius Ltd are entitled to 12 weeks of long service leave after 10 years of employment. The company recognises the provision for long service leave using the projected unit credit method approach. At 30 June 2019, the provision for long service leave for staff was $40,000. During the financial year ended 30 June 2020, there was no long service leave taken. The following information is based on payroll and advice from actuarial consultants at 30 June 2020: Years in service Number of employees % expected to be entitled Aggregate projected annual salaries when leave is due 3 15 0.28 $900,000 7 4 0.70 $220,000 12 3 1.00 $180,000 The following government and corporate bond rates are as follows: Period to maturity Government bond rate Corporate bond rate 3 5% 5.5% 7 7% 8% 10 8.5% 9.5% 12 9.5% 11% REQUIRED: In accordance with AASB 119 'Employee Benefits', prepare the general journal entry to record the long service leave expense for the period ended 30 June 2020. Show all calculations and round them to the nearest dollar amount. Present value tables are provided at the end of the paper. Employees of Phaius Ltd are entitled to 12 weeks of long service leave after 10 years of employment. The company recognises the provision for long service leave using the projected unit credit method approach. At 30 June 2019, the provision for long service leave for staff was $40,000. During the financial year ended 30 June 2020, there was no long service leave taken. The following information is based on payroll and advice from actuarial consultants at 30 June 2020: Years in service Number of employees % expected to be entitled Aggregate projected annual salaries when leave is due 3 15 0.28 $900,000 7 4 0.70 $220,000 12 3 1.00 $180,000 The following government and corporate bond rates are as follows: Period to maturity Government bond rate Corporate bond rate 3 5% 5.5% 7 7% 8% 10 8.5% 9.5% 12 9.5% 11% REQUIRED: In accordance with AASB 119 'Employee Benefits', prepare the general journal entry to record the long service leave expense for the period ended 30 June 2020. Show all calculations and round them to the nearest dollar amount. Present value tables are provided at the end of the paper