Hi, I'm expecting a long detailed answer to this question.

Question 1 DK Ltd has 3 employees. According to their particular employment award, long service leave can be taken after 10 years at which time the employee is entitled to 10 weeks leave. If an employee were to leave before the completion for 10 years' service then no entitlement would be recognised. The inflation rate is 3% and the opening balance of long service leave provision as at 1 July 2018 is $1 530. Probability that long Name of High quality Years of Current salary service leave will be paid employee service corporate bond rate Denis $50 000 4 10% 8% Helio $70 000 6 20% 7% Oscar $90 000 80% 5% Required: 8 a) Calculate the long service leave provision according to AASB 119 Employee Benefits and prepare the journal entry for 30 June 2019. Show all workings. In relation to long service leave, explain the meaning of the terms Pre-conditional period, Conditional period and Unconditional period. (14 + 6 = 20 marks) Question 2 ABW signs a contract on 30th June 2018 to build a stadium for CBA at a contract price of $40 million. CBA will be in control of the asset throughout the construction process. ABW estimates construction costs will be. Year ending 30 June 2019 30 June 2020 30 June 2021 Cost 10 000 000 16 000 000 6 000 000 32 000 000 CBA will make payments on 30 June each year as follows: 2019 8 000 000 2020 20 000 000 2021 12 000 000 40 000 000 The contract is completed on 30 June 2021 as expected. Actual costs and collections coincide with expectations and that cost (as an input measure) is used as the basis for assessing progress on the construction contract. Required: Provide the journal entries for 2019, 2020, 2021. Assume the level of progress on the contract can be reliable estimated. (30 marks) (Total 20 + 30 = 50 marks)