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Record the current year long-service leave expense

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Question - Joel works for Fall Ltd and is entitled to long-service leave, The long-service leave can be taken after 10 years of service, at which time Joel is entitled to 13 weeks leave. The following information about Joel is available at financial year-end:

Current salary: $85,000

Years of service: 6

Projected annual salary increase: 2% per year

Probability of working for 10 years: 75%

Discount rate: 6% per annum

Current balance in long-service leave provision: $6,500 Credit

Required - Provide the journal entry to record the current year's long-service leave expense. Show all calculations.

Reference no: EM132744457

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