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Exercise 10.13 ACCOUNTING FOR SICK LEAVE Huang Ltd has 100 employees who each eam a...

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Exercise 10.13 ACCOUNTING FOR SICK LEAVE Huang Ltd has 100 employees who each eam a gross wage of $150 per day. In an attempt to reduce absen- teeism, Huang Ltd modified its employee contracts to provide all employees with entitlement to 5 days of non-vesting, accumulating sick leave per annum, effective from 1 January 2016, Under the previous work- place agreement, all sick leave was non-cumulative. During the year ended 31 December 2016, 300 days of paid sick leave were taken by employees. It is estimated that 60% of unused sick leave will be taken during the year ended 31 December 2017 and that 40% will not be taken at all. Required Prepare a journal entry to recognised Huang Ltd's liability, if any, for sick leave at 31 December 2016

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