An employee receives an hourly rate of $15, with time and a half for all hours worked in excess of 40 during the week. Payroll data for the current week are as follows: hours worked, 46; federal income tax withheld, $120; all earnings are subject to social security tax; social security tax rate, 6.0%; Medicare tax rate, 1.5%; state unemployment tax, 5.4% on the first $7,000; federal unemployment tax, 0.8% on the first $7,000. Journalize the entry for the payroll. If required, round answers to the nearest cent. If an amount box does not require an entry, leave it blank. Journalize the entry for the employer's payroll tax expense. If required, round answers to the nearest cent. If an amount box does not require an entry, leave it blank. On February 1, Clayton Co. issued $1,300,000 of 20-year, 9% bonds for $1,225,000. Interest is payable semiannually on February 1 and August 1. Clayton's fiscal year is the calendar year. Journalize the following transactions: a. Issuance of the bonds. If an amount box does not require an entry, leave it blank. b. First semiannual interest payment (record as separate entry from discount amortization). If an amount box does not require an entry, leave it blank. c. Amortization of bond discount for the current fiscal year, using the straight-line method of amortization. (Round to the nearest dollar.) If an amount box does not require an entry, leave it blank. 88