answer completely and correctly in text form with explanation , narration , computation , steps attempt if 100% sure otherwise skip i need complete and correct On January 1, 2024. Poplar Fabricators Corporation agreed to grant its employees two weeks of vacation each year, with thestipulation that vacations earned each year can be taken the following year. For the year ended December 31, 2024, PoplarFabricators' employees each earned an average of $850 per week. Nine hundred vacation weeks earned in 2024 were not takenduring 2024.Required:1. Prepare the appropriate adjusting entry for vacations earned but not taken in 2024.2. Suppose that, by the time vacations actually are taken in 2025, salary rates for employees have risen by an average of 4 percentfrom their 2024 level. Also, assume salaries earned in 2025 (including vacations earned and taken in 2025) were $39 million.Prepare a journal entry that summarizes 2025 salaries and the payment for 2024 vacations taken in 2025.Complete this question by entering your answers in the tabs below.Required 1Prepare the appropriate adjusting entry for vacations earned but not taken in 2024.Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field.General JournalCreditNo1Required 1Required 2No1Answer is complete but not entirely correct.Event1Event1Salaries expenseLiability compensated future absences< Required 1Required 2 >Required 2Suppose that, by the time vacations actually are taken in 2025, salary rates for employees have risen by an average of 4percent from their 2024 level. Also, assume salaries earned in 2025 (including vacations earned and taken in 2025) were $39million. Prepare a journal entry that summarizes 2025 salaries and the payment for 2024 vacations taken in 2025.Note: Enter your answers in whole dollars. If no entry is required for a transaction/event, select "No journal entry required" inthe first account field.General JournalLiability-compensated future absencesSalaries expenseCashDebit540,000 €540,000Debit540,00031,032,400Credit31,572,400Show less

Vacation time is granted to the employees but some employees do not utilize it right away. When…

On January 1, 2024. Poplar Fabricators Corporation agreed to grant its employees two weeks of vacation each year, with the stipulation that vacations earned each year can be taken the following year. For the year ended December 31, 2024, Poplar Fabricators' employees each earned an average of $850 per week. Nine hundred vacation weeks earned in 2024 were not taken during 2024. Required: 1. Prepare the appropriate adjusting entry for vacations earned but not taken in 2024. 2. Suppose that, by the time vacations actually are taken in 2025, salary rates for employees have risen by an average of 4 percent from their 2024 level. Also, assume salaries earned in 2025 (including vacations earned and taken in 2025) were $39 million. Prepare a journal entry that summarizes 2025 salaries and the payment for 2024 vacations taken in 2025. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare the appropriate adjusting entry for vacations earned but not taken in 2024. Note: If no entry is required for a transaction/event, select "No journal entry required" in the first account field. General Journal Credit No 1 Answer is complete but not entirely correct. Event 1 No 1 Event 1 Salaries expense Liability-compensated future absences < Required t Required 2 > Required 1 Required 2 Suppose that, by the time vacations actually are taken in 2025, salary rates for employees have risen by an average of 4 percent from their 2024 level. Also, assume salaries earned in 2025 (including vacations earned and taken in 2025) were $39 million. Prepare a journal entry that summarizes 2025 salaries and the payment for 2024 vacations taken in 2025. Note: Enter your answers in whole dollars. If no entry is required for a transaction/event, select "No journal entry required" in the first account field. General Journal Liability-compensated future absences Salaries expense Cash Debit 540,000 540,000 Debit 540,000 31,032,400 Credit 31,572,400 Show less A