Lakeview Company completed the following two transactions. The annual accounting period ends December 31 a. On December 31, calculated the payroll, which indicates gross earnings for wages ($48,000), payroll deductions for income tax ($4,800), payroll deductions for FICA ($3,600), payroll deductions for American Cancer Society ($1,800), employer contributions for FICA (matching), and state and federal unemployment taxes ($420). Employees were paid in cash, but payments for the corresponding payroll deductions have not yet been made and employer taxes have not yet been recorded. b. Collected rent revenue of $5,400 on December 10 for office space that Lakeview rented to another business. The rent collected was for 30 days from December 12 to January 10 and was credited in full to Deferred Revenue. Required 1.&2. Prepare the journal entries to record payroll on December 31, the collection of rent on December 10 and adjusting journal entry on December 31. 3. Show how any of the liabilities related to these items should be reported on the company's balance sheet at December 31. Req 1 and 2 Req 3 Prepare the journal entries to record payroll on December 31, the collection of rent on December 10 and adjusting journal entry on December 31. (Do not round intermediate calculations. If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Date Debit Credit General Journal 0 48,000 Dec 31 Salaries and Wages Expense 4,800 3,600 1,800 37,800 Withheld Income Taxes Payable FICA Payable Charitable Contributions Payable Cash ,020 Dec 31 Payroll Tax Expense FICA Payable 3,600 420 State and Federal Unemployment Taxes Payable Dec 10 Cash 5,400 Deferred Revenue 5,400 Dec 31 Cash 3,600 Deferred Revenue 3,600 Answer is complete but not entirely correct Complete this question by entering your answers in the tabs below. Req 1 and 2 Req 3 Show how any of the liabilities related to these items should be reported on the company's balance sheet at December 31. (Do not round intermediate calculations.) LAKEVIEW COMPANY Balance Sheet (partial) At December 31 Current Liabilities $4,800 Withheld Income Taxes Pavable FICA Payable Charitable Contributions Payable State and Federal Unemployment Taxes Payable 420 Deferred Revenue 3,600 1,800 5,400 $ 16,020 Total Current Liabilities