XYZ Ltd has three employees who are entitled to long service leave (LSL). The LSL can...

 

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XYZ Ltd has three employees who are entitled to long service leave (LSL). The LSL can be taken after 15 years of service, at which time the employee is entitled to 11 weeks' leave. Information about the employees at 30 June 2020 is set out below: Probability that LSL will be paid Employee Current Years of annual salary service Priscilla Black $50878 24 percent George Lee $70218 8 32 percent Sam Brown $90561 83 percent Other information collected: Periods Corporate Government to maturity bond rate (%) bond rate (%) 9 8 10 7 6 The inflation rate for the foreseeable future is 4 percent. The future salaries of the employees are expected to keep pace with inflation but not increase as a result of promotion. The opening balance of the LSL provision is $4812. What is the movement in the provision for long service leave for the year ended 30 June 2020? PLEASE ENTER YOUR ANSWER IN WHOLE NUMBERS WITH NO COMMAS OR DOLLAR SIGNS (EG $1,000,000 SHOULD BE SHOWN AS 1000000). XYZ Ltd has three employees who are entitled to long service leave (LSL). The LSL can be taken after 15 years of service, at which time the employee is entitled to 11 weeks' leave. Information about the employees at 30 June 2020 is set out below: Probability that LSL will be paid Employee Current Years of annual salary service Priscilla Black $50878 24 percent George Lee $70218 8 32 percent Sam Brown $90561 83 percent Other information collected: Periods Corporate Government to maturity bond rate (%) bond rate (%) 9 8 10 7 6 The inflation rate for the foreseeable future is 4 percent. The future salaries of the employees are expected to keep pace with inflation but not increase as a result of promotion. The opening balance of the LSL provision is $4812. What is the movement in the provision for long service leave for the year ended 30 June 2020? PLEASE ENTER YOUR ANSWER IN WHOLE NUMBERS WITH NO COMMAS OR DOLLAR SIGNS (EG $1,000,000 SHOULD BE SHOWN AS 1000000).