liability and expense
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Free InquiryElan Co. has two employees. Each employee receives two weeks of paid vacation each year. Vacation rights accumulate. One employee, whose weekly salary is $600, took a two-week vacation during the year, but the other employee, who earns $800 per week, took no vacation during the year. In its year-end financial statements, what amount should Elan report as vacation liability and expense?
Liability Expense
A. $1,600 $1,200
B. $1,600 $2,800
C. $0 $1,200
D. $0 $2,800
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