Shamrock Company began operations on January 2, 2019. It employs 9 individuals who work 8-hour days and are paid hourly. Each employee earns 9 paid vacation days and 7 paid sick days annually. Vacation days may be taken after January 15 of the year following the year in which they are earned. Sick days may be taken as soon as they are earned; unused sick days accumulate. Additional information is as follows. Actual Hourly Wage Rate 2019 2020 Vacation Days Used by Each Employee 2019 2020 0 Sick Days Used by Each Employee 2019 2020 $6 $7 5 Shamrock Company has chosen to accrue the cost of compensated absences at rates of pay in effect during the period when earned and to accrue sick pay when earned. Part 1 Prepare journal entries to record transactions related to compensated absences during 2019 and 2020. (If no entry is required, select "No Entry" for the account titles and enter for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit 2019 (To accrue the expense and liability for vacations) (To accrue the expense and liability for sick pay) (To record payment for compensated time when used by employees) 2020 2020 (To accrue the expense and liability for vacations) (To accrue the expense and liability for sick pay) (To record vacation time paid) (To record sick leave paid) e Textbook and Media List of Accounts Save for Later Attempts: 0 of 15 used Submit Answer Part 2 Compute the amounts of any liability for compensated absences that should be reported on the balance sheet at December 31, 2019 and 2020. 2019 2020 Vacation Wages Payable $ $ Sick Pay Wages Payable $ $