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The following information relates to Ponte Manufacturing Company's workers compen saticn insurance premiums for 2013. On January 15, 2013, the company estimated its premium for work- ers' compensation insurance for the year on the basis of that data. Work Classification Office work Shop work Amount of Estimated Wages $54,000 298,000 Insurance Rates 0.40/$100 $5.00/$100 INSTRUCTIONS 1. Compute the estimated premiums. 2. Record in general journal form payment of the estimated premium on January 15, 2013 3. On January 4, 2014, an audit of the firm's payroll records showed that it had actually paid wages of $59,960 to its office employees and wages of $305,320 to its shop employees. Compute the actual premium for the year and the balance due the insurance company or ths credit due the firm. . Prepare the general journal entry on December 31, 2013, to adjust the Insurance Expense account