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Exercise 10.14 ACCOUNTING FOR LONG SERVICE LEAVE * Victoria plc provides long service leave entitlement of 13 weeks of paid leave after 10 years of

Exercise 10.14 ACCOUNTING FOR LONG SERVICE LEAVE * Victoria plc provides long service leave entitlement of 13 weeks of paid leave after 10 years of continuous employment. The provision for long service leave had a credit balance of 140 000 at 31 December 2015. During the year ended 31 December 2016, long service leave of 25 000 was paid. At the end of the year, the present value of the defined benefit obligation for long service leave was 150 000 Required Prepare all journal entries in relation to long service leave for the year ended 31 December 2016

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