Under state law Boca Co. may reimburse the state directly for actual unemployment claims or it may pay 3% of eligible gross wages. Boca believes that actual unemployment claims will be 2% of eligible gross wages and has chosen to reimburse the state. Eligible gross wages are defined as the first $15000 of gross wages paid to each employee. Boca had four employees each of whom earned $20000 during the year. What amount should Boca report as accrued liability for unemployment claims in its year-end balance sheet? Answer to the nearest dollar.
eligible_gross_wages = 15000.0
num_employees = 4
gross_wages_per_employee = 20000.0
actual_claims_rate = 0.02
actual_claims_amount = actual_claims_rate * eligible_gross_wages * num_employees
accrued_liability = actual_claims_amount
round(accrued_liability)