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On January 1, 2021, Panda Corporation agreed to grant all its employees two weeks paid vacation each year, with the stipulation that vacations earned each year can be taken the following year. For the year ended December 31, 2021, Panda's employees each earned an average of $500 per week. A total of 1,000 vacation weeks were earned in 2021, with 400 vacation weeks earned in 2021 but not taken during 2021. In its (ecember 31, 2021, balance sheet, what amount of liability for compensated absences is Panda required to report? $500,000. $0. $300,000. $200,000 A Moving to another question will save this response.