Q3. Bob the Boss has 35 employees who work 8-hour per day and are paid hourly. On January 1, Year 6, the company began a program of granting its employees 10 days paid vacation each year. Vacation days earned in Year 6 may be taken starting on January 1, Year 7. Information relative to these employees is as follows: Bob has chosen to accrue the liability for compensated absences (vacation pay) at the current rates of pay in effect when the vacation pay is earned. (1) What is the amount of vacation pay expense that should be reported on Bob's income statement for Year 6 ? (2) What is the amount of the Vacation Wages Payable that should be reported at December 31 , Year 8