Accrued Liabilities TJ Tile had the following items that require adjusting entries at the end of the year. a. T) pays payroll of $28,200 every other Friday for a 2-week period. This year the last payday is Friday, December 26. (Note: The work week is Monday through Friday.) b. T) purchased $130,000 of tile on July 1 with a note payable requiring 10% interest. The interest and principal on this note are due within 1 year. As of December 31, T3 had not made any principal or interest payments. c. TJ's earned income is $520,000 for the year for tax purposes. Its effective tax rate is 25%. These taxes must be paid by April 15 of next year. Required: Prepare the adjusting journal entries to record these transactions at the end of the current year. If an amount box does not require an entry, leave it blank. Dec. 31 Wages Expense Wages Payable 38 (Record accrued wages) Dec. 31 Interest Expense Interest Payable (Record accrued interest) Dec. 31 Income Taxes Expense Income Taxes Payable (Record accrued income taxes) 88