land Company's payroll on December 31 of the current year is as follows: - total payroll, $500,000 - payroll in excess of $128,400 to each employee, $350,000 - payroll in excess of $7,000 to each employee, $400,000 - income taxes withheld, $85,000 - union dues withheld, $10,000 - tax rates: state unemployment tax, 5.4\%; FICA tax, 8% for employees and 8% for employers for any amounts over $117,000; federal unemployment tax, 0.6% Required: Prepare the joumal entries for Rand's payroll and payroll taxes. Chart of Accounts CHART OF ACCOUNTS Rand Company General Ledger ASSETS 11 Cash 121 Accounts Receivable 141 Inventory 152PrepaidInsurance181Equipment500CostofGoodsSold511InsuranceExpense 189 Accumulated Depreciation 512 Utilities Expense 521 Salaries Expense LIABILITIESAccountsPayable522PayrollTaxesExpense532BadDebtExpense 223 Union Dues Payable 540 Interest Expense 225 Federal Income Taxes Withholding Payable 541 Depreciation Expense 226 State Income Taxes Withholding Payable 559 Miscellaneous Expenses Chart of Accounts 189AccumulatedDepreciationLIABILITIES211AccountsPayable223UnionDuesPayable225FederalIncomeTaxesWithholdingPayable226StateIncomeTaxesWithholdingPayable227FederalUnemploymentTaxesPayable228StateUnemploymentTaxesPayable229FICATaxesPayable231SalariesPayable250UnearnedRevenue261IncomeTaxesPayable512UtilitiesExpense521SalariesExpens522PayrollTaxesEx532BadDebtExpen540InterestExpense559MiscellaneousE910IncomeTaxExpe EQUITY 311 Common Stock 331 Retained Earnings Prepare the journal entries for Rand's payroll and payroll taxes on December 31. Assume the payroll is paid on December 31