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11 Problem 2. \begin{tabular}{|c|c|l|} \hline 12 & & Mayer 8 Co. had the following transactions during the year: \\ \hline 13 & 1 & Mar 1, Borrows $120,000 from the bank and signs a 4 month note, 6% interest \\ \hline 14 & 2 & Apr 1, Mayer does not separate sales and sales tax. Record the March sales \\ \hline \end{tabular} Apr 1 , Mayer does not separate sales and sales tax. Record the March sales of $26,500, which includes a 6% sales tax 3 April 1 , Borrows $50,000 from a bank signing a 4 month note, 7% interest 4 June 1 , pays off the $120,000 note and the applicable interest \begin{tabular}{l|l} 5 & August 1 , pays off the $50,000 note and the applicable interest \\ \hline 6 & December 31 , records payroll for the year. Gross payroll is $95,000, \end{tabular} December 31 , records payroll for the year. Gross payroll is $95,000, FICA is 7.65%, Federal Witholding tax is 20%, state witholding tax is 3%. FUI is. 7%, SUI is 5.4%. (Journalize the payroll to employees as well as the employer Prepare the journal entries for the above transactions