Belkin Co. provides medical care and insurance benefits to its retirees. In the current year, Belkin agrees to contribute 5% of the employees' $320,000 gross salaries to a retirement program. What is the amount of employee benefits expense for the current period? On November 1, Alan Company signed a 120-day, 9% note payable, with a face value of $42,000. Alan made the appropriate year-end accrual. What is the journal entry as of March 1 to record the payment of the note assuming no reversing entry was made? (Use 360 days a year.)