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Vulture Demolition Ltd has five employees and needs to calculate its Long Service Leave (LSL)...

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Accounting

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Vulture Demolition Ltd has five employees and needs to calculate its Long Service Leave (LSL) expense for the year ended 30 June 2019. Employees are entitled to 15 weeks LSL after 12 years of service. If employees leave the business after 10 years but before 12 years they are en to be paid out their accumulated LSL. Employees who leave prior to 10 years service receive no LSL payout. The following details are supplied by the owners: Name of Employee Current Salary Probability LSL will Vest Phineas Mason Herman Schultz Jackson Brice Yu Lew Adrian Toomes $30,000 $48,000 $65,000 $126,000 $143,000 30% 40% 80% Students to determine Students to determine 15 The inflation rate is predicted to be The interest rate on bonds is: 80% 6 year government bond yield 5 year government bond yield 4 year government bond yield 3 year government bond yield 2 year government bond yield 1 year government bond yield 3.00% 2.99% 2.80% 2.65% 2.47% 2.45% DR$37,440 The balance in the provision account at the beginning of the year was Required: a) Prepare the journal entires to recognitse the long-service leave expense for 30 June 20 Show all workings b) Prepare the note disclosure regarding the long-service leave provisions for 30 June 20

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