On January 1, 2022, the ledger of Concord Corporation contained these liability accounts. Accounts Payable Sales Taxes Payable $56,300 7,080 Unearned Service Revenue 16,300 During January, the following selected transactions occurred. Jan. 1 Borrowed $22,800 in cash from Apex Bank on a 4-month 5% $22,800 note. Interest will be paid at maturity. Performed services for customers who had made advance payments of $11.500 (Credit Service Revenue.) 5 Sold merchandise for cash totaling $5,618, which includes 6% sales taxes. 12 14 Paid state treasurer's department for sales taxes collected in December 2021, $7.080 20 Sold 600 units of a new product on credit at $48 per unit, plus 6% sales tax During January, the company's employees earned wages of $56,000. Withholdings related to these wages were $4,284 for FICA $4,000 for federal income tax, and $1,200 for state income tax. The company owed no money related to these earnings for federal or state unemployment tax. Assume that wages earned during January will be paid during February. No entry had been recorded for wages or payroll tax expense as of January 31.