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4.Medical Services Inc. allows employees at the end of the year to carry forward up to 40 hours of paid time off attheir current salary. James is a full time employee who has unused vacation time of 80 hours, and Marcia, also afull time employee, has unused vacation time of 48 hours.EmployeeHourly RateJames$14.00Marcia$16.00How much should Medical Services Inc. record as a liability for the unpaid vacation time at the end of the year?