Blue Spruce Corporation offers parental benefits to its staff as a top-up on EI benefits...
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Blue Spruce Corporation offers parental benefits to its staff as a top-up on EI benefits so that employees end up receiving 100% of their salary for 12 months of parental leave. Ruzbeh Awad, who earns $ 78,520 per year, announced that he will be taking parental leave for a period of 17 weeks starting on December 1, 2020. Assume that the Employment Insurance program pays him a maximum of $ 820 per week for the 17 weeks. Prepare all entries that Blue Spruce Corporation must make during its 2020 fiscal year related to the parental benefits plan as it applies to Ruzbeh Awad. For the payment entry, ignore withholding taxes, CPP, and EI. (Round answers to 0 decimal places, e.g. 5,275. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)
Date Account Titles and Explanation Debit Credit Dec. 1, 2020 (To record expense for parental leave) Dec. 2020
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