On January 1, 2016, Poplar Fabricators Corporation agreed to grant its employees two weeks' vacation each year, with the stipulation that vacations earned each year can be taken the following year. For the year ended December 31, 2016, Poplar Fabricators' employees each earned an average of $900 per week. Seven hundred vacation weeks earned in 2016 were not taken during 2016. Required: 1. Prepare the appropriate adjusting entry for vacations earned but not taken in 2016. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) 2. Suppose that, by the time vacations actually are taken in 2017, wage rates for employees have risen by an average of 5 percent from their 2016 level. Also, assume wages earned in 2017 (including vacations earned and taken in 2017) were $31 million. Prepare a journal entry that summarizes 2017 wages and the payment for 2016 vacations taken in 2017. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)