The Mai Anh Tong Company began operations on January $1,2022.$ It employs $50$ individuals who

work eight$-$hour days and are paid hourly. Each employee earns $15$ paid vacation days and $10$ 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 eared; unused sick days accumulate. Additional information is as follows:

The Mai Anh Tong 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.

Required

Prepare journal entries to record transactions related to compensated absences during $207$ and $208$

Calculate the amounts of any liability for compensated absences that should be reported on the balance sheet

as at December $31,20x8.$