2. Prepare a partial interim balance sheet showing how the liability created in Requirement 1 would be reported on March 31 , 2019. Ouection nat attemnted. 1. Prepare two joumal entries on March 31, 2019 to record; a) sick time eamed and b) vacation eamed. Assume no sick leav had been taken by the employees. General Joumai instructions Question not attempted. Chart of Accounts EQUITY 311 Common Stock 331 Retained Earnings Betinghaus Corporation began business on January 2, 2019, with five employees. lis sick leave and vacation policy follows: Each employee is allowed 8 days of paid sick leave each yeat and one day of paid vacation leave for each month worked. The accrued vacation leave cannot be taken until the omployee has been with the company 1 year. The sick leave, it not used, acoumulases to an 18-day maximum. The vacation leave accumulates for 5 years, but at any time the employee may request additional compensation in lieu of taking paid vacation leave. The compary tecords its liability for both compensated absences on a quarterly basis. The daily gross wages for each employee are $200. Required: 1. Prepare joumal entries to record the fiability for compensaled absences for the first quarter of 2019 . Assume no sick leave had been taken by the employees. 2. Prepare a partial interim balance sheet showing how the llabilly created in Fequirement f would be reported on March 31,2019. 3. Next Level Discuss the underlying conceptual basis of accounting for compensated absences