SP $9$ Serial Problem Business Solutions $($Algo$)$ LO P$2,$ P$3,$ C$2$Following are some transactions and events of Business Solutions.February $26$The company paid cash to Lyn Addie for eight days' work at $$150$ per day.March $25$The company sold merchandise with a $$2,000$ cost for $$3,000$ on credit to Wildcat Services, invoice dated March $25.$Required:Assume that Lyn Addie is an unmarried employee. Her $$1,200$ of wages have deductions for FICA Social Security taxes, FICA Medicare taxes, and federal income taxes. Her federal income taxes for this pay period total $$120.$ Compute her net pay for the eight days' work paid on February $26.$Record the journal entry to reflect the payroll payment to Lyn Addie as computed in part $1.$Record the journal entry to reflect the $($employer$)$ payroll tax expenses for the February $26$ payroll payment. Assume Lyn Addie has not met earnings limits for FUTA and SUTA $($the FUTA rate is $0\mathrm{.}6\%$ and the SUTA rate is $5\mathrm{.}4\%$ for the company$).$Record the entries for the merchandise sold on March $25$ if a $4\%$ sales tax rate applies.