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 ($120,000), payroll deductions for income tax ($12,000), payroll deductions for CPP ($9,000) and El ($5,000), payroll deductions for Canadian Cancer Society ($7,000), and employer contributions for CPP (matching) and El ($7,000). 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 $8,400 on December 10 for office space that Lakeview rented to another business. The rent collected was for thirty days from December 11 to January 10 and was credited in full to Deferred Revenue. Required: 1. Prepare the journal entries to record payroll on December 31. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the wages expense, including payroll deductions. Note: Enter debits before credits. Transaction General Journal Debit Credit a. 2-a. Prepare the journal entry for the collection of rent on December 10. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the collection of 30 days' rent in advance amounting to $8,400. Note: Enter debits before credits. Transaction General Journal Debit Credit December 10 Record entry Clear entry View general journal 2-b. Prepare the adjusting journal entry on December 31. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Record the adjusting entry relating to rent. Note: Enter debits before credits. General Journal Debit Credit Transaction December 31 Record entry Clear entry View general journal 3. Show how any liabilities related to these items should be reported on the company's balance sheet at December 31. Partial Balance sheet at December 31: Current Liabilities