K Great has an annual payroll of $170,000. In addition, the company incurs payroll tax expense of 5% of the annual payroll. At December 31, Great owes salaries of $8,100 and FICA and other payroll tax of $700. The company will pay these amounts early next year. Requirement 1. Show what Great will report for the foregoing on its income statement for the year and on its year-end balance sheet. (If an input field is not used in the table leave the field empty; do not select a label or enter a zero.) Start with the income statement.. Income Statement Account Amount ***

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