Exercise 16.5 Employee Benefits On 21 November, the weekly payroll register of Python Ltd showed gross wages and salaries of $87 000. The organisation withheld $20 880 for income tax, $1670 for life insurance, $2500 for medical insurance premiums, and $8700 for superannuation deductions made on behalf of employees. Prior to this transaction the entity's current liabilities (extract) were as follows. Australian Taxation Office Life Insurance Pavable Health Insurance Payable Superannuation Deductions Payable $41760 2505 3750 17 400 Required (a) Prepare the general journal entry to record the payroll and payroll deductions. (b) Prepare the general journal entry to record the employer's contributions to the employees, superannuation fund at the rate of 12% of gross payroll (c) Prepare entries in the cash payments journal to record payment of the above liabilities