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Leo Ltd, a small Australian service company, has 10 employees. The current annual payroll for these employees is $375,000. The employees are entitled to four

Leo Ltd, a small Australian service company, has 10 employees. The current annual payroll for these employees is $375,000. The employees are entitled to four weeks of annual leave and a leave loading of 17.5%. Calculate the annual cost of the leave and provide a general journal entry to record the weekly accrual of annual leave.

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