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E13-4 (L01) EXCEL (Compensated Absences) Assume the facts in E13-3 except that Matt Broderick Company has cher not to accrue paid sick leave until used, and has chosen to accrue vacation time at expected future rates of pay without disse ing. The company used the following projected rates to accrue vacation time. Year in which Vacation Time Was Earned 2016 2017 Projected Future Pay Rates Used to Accrue Vacation Pay $10.75 11.60 Instructions (a) Prepare journal entries to record transactions related to compensated absences during 2016 and 2017. (b) Compute the amounts of any liability for compensated absences that should be reported on the balance sheet at Decem- ber 31, 2016, and 2017. 2) The zero-interest-bearing note. 33 1 ) (Compensated Absences) Matt Broderick Company began operations on January 2, 2016. It employs 9 individuals S-hour days and are paid hourly. Each employee earns 10 paid vacation days and 6 paid sick days annually. Vacation be taken after January 15 of the year following the year in which they are earned. Sick days may be taken as soon as med; unused sick days accumulate. Additional information is as follows. Actual Hourly Wage Rate 2016 2017 $10 S11 Vacation Days Used by Each Employee 2016 2017 0 9 Sick Days Used by Each Employee 2016 2017 4 5 Matt Broderick 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. sag 694