Emily Turnbull, president of Aerobic Equipment Corporation, is concerned about her employees' well-being. The company offers its employees free medical, dental, and life insurance coverage. It also matches employee contributions to a voluntary retirement plan up to 7% of their salaries. Assume that no employee's cumulative wages exceed the relevant wage bases. Payroll information for the biweekly payroll period ending January 24 is listed below. Wages and salaries Employee contribution to voluntary retirement plan Medical insurance premiums paid by employer Dental insurance premiums paid by employer Life insurance premiums paid by employer Federal and state income tax withheld FICA tax rate Federal and state unemployment tax rate $2,400,000 120,000 48,000 16,800 8,400 516,000 7.65% 6.20% Required: 1., 2. & 3. Record the necessary journal entries. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Required: 1., 2 & 3. Record the necessary journal entries(If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Credit Debit 2,400,000 1 January 24 General Journal Salaries Expense Income Tax Payable Income Tax Payable FICA Tax Payable Accounts Payable (Retirement Plan) Salaries Payable Salaries Payable 148,800 120,000 34,800 2 January 24 Salaries Expense Accounts Payable (Retirement Plan) Accounts Payable (Medical Insurance) Accounts Payable (Dental Insurance) Accounts Payable (Life Insurance) O 000 January 24 Property Tax Expense FICA Tax Payable Accounts Payable (Medical Insurance) FICA Tax Payable Unemployment Tax Payable Red text indicates no response was expected in a call of a formule-based calculations incorrect no points deducted