ABD Company pays a weekly payroll of $185,000 that includes federal taxes withheld of $32,100, FICA taxes withheld of $20,670, and 401(k) withholdings of $22,000. The federal taxes withheld, FICA taxes withheld and 401K withheld will not be paid by ABD Company until the following week. (Although not required, preparing journal entries may help you answer questions 26 & 27) Remember, there are two (2) payroll entries - combine them when doing your calculations for #26 and 27. 26. What is the effect of assets from the transaction(s)? TWO ANSWERS REQUIRED - (Increase or decrease and $ how much) 27. What is the effect of liabilities from the transaction(s)? TWO ANSWERS REQUIRED - (Increase or decrease and $ how much) Remember-payroll requires two journal entries - combine the effect of both entries