Question 1 Pronghom Company began operations on January 2, 2016. It employs 11 individuals who work 8-hour days and are paid hourly. Each employee eams 11 paid vacation days and 8 paid sick days annually. Vacation days may be taken after January 15 of the year following thyear in which they are earned. Sick days may be taken as soon as they are earned, unused sick days accumulate. Actual HourlyVacation Days Used Sick Days Used $9 $10 Pronghorn Company has chosen to accrue the cost of compensated absences at rates of pay in effect Cuning the period when eaned and to accrue sick pay when earned Prepare journal entries to recoed transactions related to compensated absences during 2016 and 2017. (r no entry is reqwired, select "No Entry for the account tities and enter 0 for the amounts.Credit account titres are automaticaWy indented when amount is entered. Do not indent manually. Date Account Tities and Explanation To accrue the expense and lability for vacations) To accrue the expense and lability for sick pay) To record payment for compensated time when used by employees) To accrue the expense and lability for vacations) To accruethe expense and lability for sick pay To record vacation time paid) To record sick leave paid) LIST OF ACCOUNTS Compute the amounts of any liability for compensated absences that should be reported on the balance sheet at December 31, 2016 and 2017 2016 2017 Vacation Wages Payable Sick Pay Wages Payable Click if you would like to Show Work for this