Objective: Consistent with SLOA7, the objective of this assignment is to construct an excel spreadsheet relating to a topic covered in the course. Below is a payroll sheet for Mahogany Company for the month of July. The company is allowed a 1% unemployment compensation rate by the state; the federal unemployment tax rate is 0.8% and the maximum for both is $7,000. Assume a 10% federal income tax rate for all employees and a 7.65% FICA tax on employee and employer on a maximum of $142,800. In addition, 1.45% is charged both employer and employee for an employee's wages in excess of $142,800 per employee. Required: a. Complete the payroll sheet in Excel and make the necessary entry to record the payment of the payroll. b. Make the entry to record the payroll tax expenses of Mahogany Company. c. Make the entry to record the payment of the payroll liabilities created in parts a and b. Assume that the company pays all payroll liabilities at the end of each month. Grading Criteria: The assignment has a value of five points. It will be graded based on the use oxcel for making necessary computations and for the accuracy of the results. Remember that this assignment's objective is to apply Excel skills. You must enter a formula, a cell reference, and supporting computations in the input cells. Dateline: Please submit in Canvas by 10:00 pm on Sunday, April 16, 2023. Objective: Consistent with SLOA7, the objective of this assignment is to construct an excel spreadsheet relating to a topic covered in the course. Below is a payroll sheet for Mahogany Company for the month of July. The company is allowed a 1% unemployment compensation rate by the state; the federal unemployment tax rate is 0.8% and the maximum for both is $7,000. Assume a 10% federal income tax rate for all employees and a 7.65% FICA tax on employee and employer on a maximum of $142,800. In addition, 1.45% is charged both employer and employee for an employee's wages in excess of $142,800 per employee. Required: a. Complete the payroll sheet in Excel and make the necessary entry to record the payment of the payroll. b. Make the entry to record the payroll tax expenses of Mahogany Company. c. Make the entry to record the payment of the payroll liabilities created in parts a and b. Assume that the company pays all payroll liabilities at the end of each month. Grading Criteria: The assignment has a value of five points. It will be graded based on the use oxcel for making necessary computations and for the accuracy of the results. Remember that this assignment's objective is to apply Excel skills. You must enter a formula, a cell reference, and supporting computations in the input cells. Dateline: Please submit in Canvas by 10:00 pm on Sunday, April 16, 2023