The Mai Anh Tong Company begas operations on danuary 1. 20xt it employs forty inalividuab who work elght hour dirs and are past nourty. Each empleyce earns is paid vacation days and 10 poid sick days annually. Vacition days may be taken after sanuary 15 of the yoar fobowing the year in whiah they are carned Sick days. may be taken as soon as they are eamed, unused sack days accumulate. Additional information is as follows: Actual Hourty Wage Rate Vacation Days Used by Eimch Employee Sick Days used by Each Employee The Mai Anh Tong Company has chosen to accrue the cost of compensated absences at rates of pay in effect durng the penod when earned and to accrue sick pay when earned. Required 1. Prepare journai entries to record transactions related to compensated absences during 207 and 208 2 Calculate the amounts of any liability for compensated absences that should be reported on the batance sheet as at Decernber 31 . 20x6 Part B Assume the facts in the preceding as in Part A except that the Mar Arin Tong Company has chosen not to accrue paid sick leave until used and has chosen to accrue vacation time at expected future rates of pay wathout discounting. The company uses the folowing projected rates to accrue vacation time. Year in Which Vacation Tane Was Earned Projected Future Pay Rates Used to Accrue Vacation Pay 207 5.50 208 9.50 Required 1 Prepare the requared compound journal entnes 70 record transactions retated to compensated absences dunng 207 and 208. 2 Caicutate the amounts of any labllty for compensared absences that should be reported on the balance sheet as at Deceinber.J1. 20x8. The Mai Anh Tong Company begas operations on danuary 1. 20xt it employs forty inalividuab who work elght hour dirs and are past nourty. Each empleyce earns is paid vacation days and 10 poid sick days annually. Vacition days may be taken after sanuary 15 of the yoar fobowing the year in whiah they are carned Sick days. may be taken as soon as they are eamed, unused sack days accumulate. Additional information is as follows: Actual Hourty Wage Rate Vacation Days Used by Eimch Employee Sick Days used by Each Employee The Mai Anh Tong Company has chosen to accrue the cost of compensated absences at rates of pay in effect durng the penod when earned and to accrue sick pay when earned. Required 1. Prepare journai entries to record transactions related to compensated absences during 207 and 208 2 Calculate the amounts of any liability for compensated absences that should be reported on the batance sheet as at Decernber 31 . 20x6 Part B Assume the facts in the preceding as in Part A except that the Mar Arin Tong Company has chosen not to accrue paid sick leave until used and has chosen to accrue vacation time at expected future rates of pay wathout discounting. The company uses the folowing projected rates to accrue vacation time. Year in Which Vacation Tane Was Earned Projected Future Pay Rates Used to Accrue Vacation Pay 207 5.50 208 9.50 Required 1 Prepare the requared compound journal entnes 70 record transactions retated to compensated absences dunng 207 and 208. 2 Caicutate the amounts of any labllty for compensared absences that should be reported on the balance sheet as at Deceinber.J1. 20x8