Prepare any entries that are required at the March $31,2023$ fiscal year end assuming sabbaticals will be granted automatically

with no restrictions on the professors' activities during the year. Use a financial calculator or Excel function for your calculations.

$($Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit

entries. If no entry is required, select $"$No Entry" for the account titles and enter O for the amounts. Round answers to $0$ decimal places, e$.$g$.$

$5,275.)$

Account Titles and Explanation

Debit

Credit List $of$ Accounts ${?}_{(})$

Cash

Compensation Expense

Defined Benefit Expense

Employee Pension Contributions Payable

Liability for Compensated Absence

Long$-$Term Disability Benefits Expense

Long$-$Term Disability Benefits Payable

Net Defined Benefit Liability or Asset

Net Retirement Benefit Liability$/$Asset

No Entry

Payroll Accrual

Pension Contributions Payable

Pension Expense

Post$-$Retirement Benefit Expense

Remeasurement Gain $($OCI$)$

Remeasurement Loss $($OCI$)$

Salaries and Wages Expense

Salaries and Wages PayableCullumber University recently signed a contract with the bargaining unit that represents full$-$time professors. The contract agreement

starts on April $1,2022,$ the start of the university's fiscal year.

The following excerpt outlines the portion of the signed agreement that relates to sabbaticals: "Professors may apply for a one$-$year

sabbatical leave after seven continuous years of employment and must outline how their sabbatical plans will benefit the university."

After completing the required amount of time, any professor may apply for the leave. The contract notes particular types of activities

that the sabbatical is intended to promote, including formal research, continued professional development, and independent study

and research. Professors are left to make their own choices regarding which of these activities to pursue while on sabbatical leave. As

part of their agreement, they must continue to work for the university one year after their sabbatical or reimburse it for funds they

receive while on leave. The agreement states that professors receive $80\%$ of their salary while on sabbatical leave. Professors may

delay, or be asked to delay, their application for sabbatical, in which case they will receive $85\%$ of their salary while on leave.

The issue of sabbaticals had long been a point of contention with faculty at Cullumber University, and they fought vehemently for the

right to this paid leave, which had not previously been in their collective agreement. The university is phasing in the unfunded

sabbatical plan gradually, which means that the first professors will be eligible to apply for their sabbaticals in seven years.

The controller has put together the following numbers of professors in each salary group:

Professors with salaries averaging $$61,180,50$

Professors with salaries averaging $$71,280,40$

Professors with salaries averaging $$96,900,10$

The union agreement calls for a salary increase of $2\%$ per year in each of the next seven years. This is consistent with past union

agreements for this bargaining unit. Five of the professors with salaries averaging $$96,900$ are scheduled to retire in four years. The

university expects to keep a similar composition of salaried professors in the future. Assume a discount rate of $5\%.$ Assume that

Cullumber University is a private university that applies ASPE.