Ruhl Company grants all employees two weeks' paid vacation for each full year of employment up to six weeks. Unused vacation time can be accumulated and carried forward to succeeding years and will be accrued and paid at the salaries in effect when vacations are taken or when employment is terminated. There was no employee turnover in 2020. Additional information relating to the year ended December 31, 2020, is: Liability for accumulated Vacations on January 1, 2020 550,000 Pre 2020 accrued vacations taken from January 1, 2020 to September 30, 2020 (the authorized period for vacations) 30,000 Vacations earned for work in 2020 (adjusted to current rates) 40.000 Ruhl granted a 10% salary increase to all employees on October 1, 2020, its annual salary increase date. For the year ended December 31, 2020, Ruhl should report vacation pay expense of Select one a $42,000 b. 560,000 C. 570,000 d. $45,000