13.Axel Inc offers its employees free medical, dental and life insurance coverage. It also matches employee contributions to a voluntary retirement plan dollar for dollar.Assume that no employee's wages exceed the relevant wage bases. Payroll information for the payroll period ending January 15 are below. Make the appropriate journal entries in good form to record the payroll.

Wages and salaries $ 2,750,000.00 Employee contributions to voluntary retirement plan $ 130,000.00 Medical Insurance premiums paid by employer $ 50,000.00 Dental Insurance premiums paid by employer $ 17,500.00 Life Insurance premiuims paid by employer $ 8,750.00 Federal and state income tax withheld $ 540,000.00 FICA rate 7.65% Federal and state unemployment tax rate 6.20%