Suppose that, by the time vacations actually are taken in 2022, salary rates for employees have risen by an average of 6 percent from their 2021 level. Assume all vacation days earned in 2021 are taken in 2022. Also, assume salaries paid in 2022 (not including amounts paid for 2021 vacation days used in 2022) totaled $38 million. Prepare a journal entry that summarizes 2022 salaries and the payment for 2021 vacations taken in 2022. (Note: Do not include in the journal entry any amounts for vacation days earned in 2022).
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