Laurin Corporation offers parental benefits to its staff as a top-up on Employment Insurance benefits so that

Question:

Laurin offers parental benefits to its staff as a top-up on Employment Insurance benefits so that employees end up receiving 100% of their salary for 12 months of parental leave. Ruzbeh Awad, who earns $74,000 per year, announced that he will be taking parental leave for a period of 17 weeks starting on December 1, 2017. Assume that the Employment Insurance program pays him a maximum of $720 per week for the 17 weeks. Prepare all entries that Laurin must make during its 2017 fiscal year related to the parental benefits plan as it applies to Ruzbeh Awad. For the payment entry, ignore withholding taxes, CPP, and EI and round amounts to the nearest cent.
Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...