The following information relating to compensated absences was available from Graf Company’s accounting records at December 31, Year 4:-Employees’ rights to vacation pay vest and are attributable to services already rendered. Payment is probable, and Graf’s obligation was reasonably estimated at $110,000.-Employees’ rights to sick pay benefits do not vest but accumulate for possible future use. The rights are attributable to services already rendered, and the total accumulated sick pay was reasonably estimated at $50,000.What amount is Graf required to report as the liability for compensated absences in its December 31, Year 4, balance sheet?