Larkspur Company began operations on January 2, 2016. It employs 10 individuals who work 8-hour days and are paid hourly. Each employee earns 11 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 Vacation Days Used by Each Employee 2016 2017 2016 2017 2016 2017 Sick Days Used by Each Employee Actual Hourly Wage Rate $11 $13 10 5 6 Larkspur 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 Projected Future Pay Rates Used to Accrue Vacation Pa Year in Which Vacation Time Was Earned 2016 2017 $12.26 13.22 Prepare journal entries to record transactions related to compensated absences during 2016 and 2017. (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 O decimal places, e.g. 5,125.) Date Account Titles and Explanationn Debit Credit 2016 To accrue the expense and liability for vacations) (To record sick leave paid) (To record vacation time paid) 2017 To accrue the expense and liability for vacations) (To record sick leave paid) (To record vacation time paid) SHOW LIST OF ACCOUNTSs ompute the amounts of any liability for compensated absences that should be reported on the balance sheet at December 31, 2016 and 2017. (Round nswers to O decimal places, e.g.5,125 2016 2017 Accrued liability lick if you would like to Show Work for this question: Open Show Work SHOW LIST OF ACCOUNTS