Exercise 266 During the month of March, Preston Company's employees ed wages of $90,000. withholdings related to these wages were $6.885 for Social Security (FICA), $14,200 for federalincome tax, s6.200 for st cost related to these earnings for federal unemployment tax, but inourred $1300 for state unemployment tax. Prepare the necessary March 31 journal entry to record wages expense and wages payable. Assume that wages eamed during March wil be paid during April. (credwt account wles areautomatically indent Date ADDDunt Titles and Explanation entered. Do not indent manually. Prepare the entry to record the company's payroll tax expense. (credit account titles are automa Date Acorxant Titles and Explanation Aus Rights Reserved.A Division