Exercise 11.10 ACCOUNTING FOR ANNUAL LEAVE K AS * Tulip Ltd provides 4 weeks {20 days) of accumulating vested annual leave for each year of service. The company policy is that annual leave must be taken within 0 months of the end of the period in which it accrues. Annual leave is paid at the base salary rate (which excludes commissions, bonuses and overtime). A 17.5% loading is applied to annual leave payments. The following summary data is derived from Tulip Ltd's payroll records for the year ended 30 June 2013. Base pay rates have increased during the year. The amounts shown are applicable at 30 june 2013. Additional infonnotion After leave taken during the year had been recorded, Tulip Ltd's trial balance revealed that the provision for annual leave had a debit balance of $262 460 at 30June 2013. Required Prepare journal entries to account for the liability for annual leave at 30 Tune 2013