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Prepare journal entries for long service leave for the year

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Reference no: EM133106022

Question - On 30 June 2020 Lesia has been employed for 7 years and it is likely that she will ultimately qualify for long service leave. She is entitled to 10 weeks of long service leave when she has worked 10 years. Assuming Lesias salary of $260,000 is expected to grow at 5.00% pa, and the discount rate is 7%. The company believes there is a 75 probability that Lesia will still be employed by them in 3 years' time. There is an opening lon service leave liability of $14,000. Prepare journal entries for long service leave for the year ended 30 june 2020 (show calculations).

Reference no: EM133106022

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