Question Completion Status: is Moving to another question will save this response. Question 3 Question 3 of 78 10 prPrevious Question Hibiscus Lid pays its salaries fortnightly in arrears. The next payday is Thursday 2 July The fortnightly salary expense is $75,000 of which $25,000 is retained to pay the Australian Taxation 30 June Office (ATO) on behalf of the employees Payments to the ATO are made every second Monday, with the next payment being made on Monday 6 July Hibiscus Lid's reporting period ends on Hibiscus Lid also informs that it has six employees who are entitled to long-service leave (LSL) The LSL can be taken after 10 years of service, at which time the employee is entitled to 13 weeks' leave, Entitlements to payment on departure arise after eight years of service. The following information about the employees is available. No of Current salary Years of Probability (%) that LSL will be Periods to High-quality corporate bond employees per employee service maturity $75.000 $97,500 $105,000 Employees' salaries are expected to increase by 2 5 per cent per annum The opening balance of the LSI provision was $48, 750 CR, and the interest rate for corporate bonds for all relevant periods to maturity was 8 per cent at the beginning of the year REQUIRED: 1. Provide the journal entries in the books of Hibiscus Lid for a. 30 June (1 Mark) b. 2 July (2 Marks) c. 6 July (1 Mark) 2. What is the accounting journal entry to record LSL expenses for the current period? Show your calculations. (6 Marks) Note: 1 journal narrations are required. 2 Round your PV factor to 4 decimal places. Enter your answers in millions of dollars (e.g., 1 million as 1,000,000). Round all other intermediate calculations and final answers to whole numbers. For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac). BIUS Paragraph Open Sans, sa... 10pt 13'C Sunny