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During January, Luxury Cruise Lines incurs employee salaries of $1.0 million. Withholdings in January are $76,500 for the employee portion of FICA, $150,000 for federal income tax, $62,500 for state income tax, and $10,000 for the employee portion of health insurance (payable to Blue Cross/Blue Shield). The company incurs an additional $62,000 for federal and state unemployment tax and $30,000 for the employer portion of health insurance. Required: 1., 2.& 3. Record the necessary entries in the Journal Entry Worksheet below. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in dollars, not in millions (i.e. 5 should be entered as 5,000,000).) View transaction list Journal entry worksheet Record the employer-provided fringe benefits. Note: Enter debits before credits. Date General Journal Debit Credit January 31 During January, Luxury Cruise Lines incurs employee salaries of $1.0 million. Withholdings in January are $76,500 for the employee portion of FICA, $150,000 for federal income tax, $62,500 for state income tax, and $10,000 for the employee portion of health insurance (payable to Blue Cross/Blue Shield). The company incurs an additional $62,000 for federal and state unemployment tax and $30,000 for the employer portion of health insurance. Required: 1., 2.& 3. Record the necessary entries in the Journal Entry Worksheet below. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in dollars, not in millions (i.e. 5 should be entered as 5,000,000).) View transaction list Journal entry worksheet Record the employer payroll taxes. Note: Enter debits before credits. Date General Journal Debit Credit January 31 During January, Luxury Cruise Lines incurs employee salaries of $1.0 million. Withholdings in January are $76,500 for the employee portion of FICA, $150,000 for federal income tax, $62,500 for state income tax, and $10,000 for the employee portion of health insurance (payable to Blue Cross/Blue Shield). The company incurs an additional $62,000 for federal and state unemployment tax and $30,000 for the employer portion of health insurance. Required: 1., 2.& 3. Record the necessary entries in the Journal Entry Worksheet below. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in dollars, not in millions (i.e. 5 should be entered as 5,000,000).) View transaction list Journal entry worksheet Record the employee salary expense, withholdings, and salaries payable. Note: Enter debits before credits. Date General Journal Debit Credit January 31 Top Sound International designs and sells high-end stereo equipment for auto and home use. Engineers notified management in December 2018 of a circuit flaw in an amplifier that poses a potential fire hazard. Further investigation indicates that a product recall is probable, estimated to cost the company $3.2 million. The fiscal year ends on December 31. Required: 1. Should this contingent liability be reported, disclosed in a note only, or neither? Reported Disclosed in a note only ONeither