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Blossom University recently signed a contract with the bargaining unit that represents full-time professors. The contract agreement starts on April 1, 2022, the start of the university's fiscal year. The following excerpt outlines the portion of the signed agreement that relates to sabbaticals: "Professors may apply for a one-year sabbatical leave after seven continuous years of employment and must outline how their sabbatical plans will benefit the university." After completing the required amount of time, any professor may apply for the leave. The contract notes particular types of activities that the sabbatical is intended to promote, including formal research, continued professional development, and independent study and research. Professors are left to make their own choices regarding which of these activities to pursue while on sabbatical leave. As part of their agreement, they must continue to work for the university one year after their sabbatical or reimburse it for funds they receive while on leave. The agreement states that professors receive 80% of their salary while on sabbatical leave. Professors may delay, or be asked to delay, their application for sabbatical, in which case they will receive 85% of their salary while on leave. The issue of sabbaticals had long been a point of contention with faculty at Blossom University, and they fought vehemently for the right to this paid leave, which had not previously been in their collective agreement. The university is phasing in the unfunded sabbatical plan gradually, which means that the first professors will be eligible to apply for their sabbaticals in seven years. The controller has put together the following numbers of professors in each salary group: Professors with salaries averaging $56,83050 Professors with salaries averaging $67,30040 Professors with salaries averaging \$95,900 10 The union agreement calls for a salary increase of 2% per year in each of the next seven years. This is consistent with past union agreements for this bargaining unit. Five of the professors with salaries averaging $95,900 are scheduled to retire in four years. The university expects to keep a similar composition of salaried professors in the future. Assume a discount rate of 5\%. Assume that Blossom University is a private university that applies ASPE. (b) Prepare any entries that are required at the March 31, 2023 fiscal year end assuming sabbaticals will be granted automatically with no restrictions on the professors' activities during the year. Use a financial calculator or Excel function for your calculations. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Round answers to 0 decimal places, e.g. 5,275.)

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