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On 30 June 2020 Leisa has been employed for 7 years and it is likely that she will ultimately qualify for Long Service Leave.
On 30 June 2020 Leisa has been employed for 7 years and it is likely that she will ultimately qualify for Long Service Leave. She is entitled to 10 weeks of long-service leave (LSL) when she has worked 10 years. Assuming Leisa's salary of $260,000 is expected to grow at 5.00% pa, and the discount rate is 7.00%. The company believes there is a 75% probability that Leisa will still be employed by them in 3 years' time. There is an opening LSL liability of $14,000. Required Prepare journal entries for long service leave for the year ended 30 June 2020 (Show calculations)
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