Exercise 13-04 Sage Company began operations on January 2, 2019. It employs 11 individuals who work 8-hour days and are paid hourly. Each employee earns 12 paid vacation days and 7 paid sick days annually. Vacation days may be taken after January 15 of the year following the year in which they are earned. Sick days may be taken as soon as they are earned; unused sick days accumulate. Additional information is as follows. Actual Hourly Wage Rate 2019 2020 $12 $13 Vacation Days Used by Each Employee 2019 2020 Sick Days Used by Each Employee 2019 2020 0 11 5 6 Sage Company has chosen not to accrue paid sick leave until used, and has chosen to accrue vacation time at expected future rates of pay without discounting. The company used the following projected rates to accrue vacation time. Year in which Vacation Time Was Earned 2019 2020 Projected Future Pay Rates Used to Accrue Vacation Pay $12.58 13.57 Your answer is partially correct. Try again. Prepare journal entries to record transactions related to compensated absences during 2019 and 2020. (If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to 0 decimal places, e.g. 5,125.) Date Account Titles and Explanation Debit Credit 2019 Salaries and Wages Expen: Salaries and Wages Payabl (To accrue the expense and liability for vacations) Salaries and Wages Expen: 12672 Cash 12672 (To record sick leave paid) Salaries and Wages Expen 12672 Salaries and Wages Pay 12672 (To record vacation time paid) 2020 ELLE WE (To accrue the expense and liability for vacations) 1 00 00 (To record sick leave paid) (To record vacation time paid)