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Swifty Corbin's regular hourly wage rate is $16, and she receives an hourly rate of $24 for work in excess of 40 hours. During a January pay period, Swifty works 50 hours. Swifty's federal income tax withholding is $98, she has no voluntary deductions, and the FICA tax rate is 7.65%. Use January 15 for the end of the pay period and the payment date. Prepare the journal entries to record (a) Swifty's pay for the period and (b) the payment of Swifty's wages. Use January 15 for the end of the pay period and the payment date. (Round Intermediate calculation and final answers to 2 decimal places, eg. 15.25. Credit account titles are automatically indented when amount is entered. Do not indent manually) No. Date Account Tities and Explanation Credit Jan. Debit 15 (b) Jan 15 On December 1, Concord Company introduces a new product that includes a one-year warranty on parts. In December 2,600 units are sold. Management believes that 4% of the units will be defective and that the average warranty costs will be $85 per unit. Prepare the adjusting entry at December 31 to accrue the estimated warranty cost, assuming no warranty claims have been honored to date. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit Dec 31 Watunga County Bank agrees to lend Bonita Granite Company $609000 on January 1 Bonita Granite Company signs a $609000, 8%, 9-month note. The entry made by Bonita Granite on January 1 to record the proceeds and issuance of the note is 609000 36540 Cash Interest Expense Notes Payable Interest Payable 609000 36540 Cash Interest Expense Notes Payable 609000 36540 645540 609000 Cash Notes Payable 609000 Interest Expense Cash Notes Payable 36540 572460 609000