A business provides its employees with varying amounts of vacation per year, dependingon the length of employment. The estimated amount of the current year’s vacation pay is$42,000.A. Journalize the adjusting entry required on January 31, the end of the first month of thecurrent year, to record the accrued vacation pay.B. How is the vacation pay reported on the company’s balance sheet? When is thisthe amount removed from the company’s balance sheet?

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