Company Y hired 7 employees on May 20, Year 1. All employees began working on the same date. The monthly salary for these employees was $3,000 each. Monthly paydays occur on the 20th for the month then ended. The first payday on June 20 was for a full months pay. All paydays occur as scheduled. Required: $_________ Year 1 Salary Expense for these employees $_________ Prepaid Salaries at Dec. 31, Year 1 [if any] If none, so state $_________ Salaries Payable at Dec. 31, Year 1 [if any] If none, so state In Year 2, all employees received a 10% pay raise effective on August 21, Year 2. No new employees were hired and none left the firm for any reason. Required: $_________ Year 2 Salary Expense for these employees $_________ Prepaid Salaries at Dec. 31, Year 2 [if any] If none, so state $________ Salaries Payable at Dec. 31, Year 2 [if any] If none, so state