Vanco Company has 70 employees who work 8-hour days and are paid hourly. On January 1, 2017, the company began a program of granting its employees 10 days of paid vacation each year. Vacation days earned in 2017 may first be taken on January 1, 2018. Information relative to these employees is as follows: Hourly Vacation Days Earned Vacation Days Used Year Wages by Each Employee by Each Employee 2017 $20.50 10 2018 22.50 Vanco has chosen to accrue the liability for compensated absences at the current rates of pay in effect when the compensated time is earned. 10. What is the amount of expense relative to compensated absences that should be reported on Vanco's income statement for 2017