Toward the end of Su Li Corp.s 2020 fiscal year, employerunion talks broke off, with the wage rates for the upcoming two years still unresolved. Just before the new year, however, a contract was signed that gave employees a 5% increase in their hourly wage effective January 1, 2021. Su Li had spent $1.5 million in wages on this group of workers in 2020. Prepare the entry, if any, that Su Li Corp. should make at December 31, 2020.

Date Account Titles and Explanation Debit Credit Dec. 31, Salaries and Wages Expense 75000 2020 Salaries and Wages Payable 75000