Pronghorn Corporation offers enriched parental benefits to its staff. While the government provides compensation based on Employment Insurance legislation for a period of 12 months, Pronghorn increases the amounts received and extends the period of compensation. The benefit program tops up the amount received to 100% of the employee's salary for the first 12 months, and pays the employee 70% of his or her full salary for another 6 months after the El payments have stopped. Zeinab Jolan, who earns $ 54,080 per year, announced to her manager in early June 2020 that she was expecting a baby in mid- November. On October 29, 2020, 9 weeks before the end of the calendar year and Pronghorn's fiscal year, Zeinab applied for and began her 18-month maternity leave. Assume that the Employment Insurance program pays her a maximum of $ 720 per week for 52 weeks. For the purpose of this question, ignore any tax, CPP, and El deductions when making payments to Zeinab. - Your answer is partially correct. Prepare all entries that Pronghorn Corporation must make during its 2020 fiscal year related to the parental benefits plan in regard to Zeinab Jolan. (Round answers to 0 decimal places, e.g. 5,275. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter Ofor the amounts.) Date Account Titles and Explanation Debit Credit Dec. 31 Employee Benefit Expense 24960 Parental Leave Benefits Payable 24960 (To record employee benefit expense) Parental Leave Benefits Payable 2880 Cash 2880 (To record payment of parental leave benefits for one week) - Your answer is partially correct. Prepare one entry to summarize all entries that the company will make in 2021 relative to Zeinab Jolan's leave. (Round answers to O decimal places, e.g. 5,275. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Account Titles and Explanation Debit Credit Employee Benefit Expense 56160 Parental Leave Benefits Payable 56160 e Textbook and Media Assistance Used e Textbook List of Accounts Your answer is partially correct. Calculate the amount of parental benefits payable at December 31, 2020, and 2021. (Round answers to 0 decimal places, e.g. 5,275.) 2020 2021 Parental Leave Benefits Payable $ 22080 $ 5440 Explain how these amounts will be shown on Pronghorn's SFP. (Round answers to 0 decimal places, e.g. 5,275.) 2020 2021 Current liability $ 16640 $ 5440 Long-term liability $ 5440 $ 0 e Textbook and Media List of Accounts
