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On January 1, Year 1, KASE borrowed $225,000 on a 3-year, 8% installment note payable. The terms of the note require KASE to pay 3

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On January 1, Year 1, KASE borrowed $225,000 on a 3-year, 8% installment note payable. The terms of the note require KASE to pay 3 equal payments each December 31 for 3 years. The journal entry to record the December 31 Year 2 annual payment is: Debit Interest Expense 12,455; Debit Notes Payable 74,852; Credit Cash 87,308 Debit Interest Expense 6,467; Debit Notes Payable 80,840; Credit Cash 87,308 Debit Interest Expense 12,455; Debit Cash 74,852; Credit Notes Payable 87,308 Debit Interest Expense 6,467; Debit Cash 80,840; Credit Notes Payable 87,308 KASE has 4 work weeks in April, 4.5 work weeks in May, and 4.2 work weeks in June. Monthly salaries are paid out at the 2nd of every month. Liz is an employee of KASE Liz's annual Salary is 55,986. Her weekly salary is determined by dividing her annual salary by 52 weeks. Assuming the taxes collected are Federal Income Tax of 20%, State Income Tax of 10%, and FICA Social Security Tax of 5%, a PTO Benefit of two weeks were awarded to Liz in April, and Liz took a 2 week vacation in June, what was the Salaries Payable amount recorded when June Salaries Expense were accrued for? Warning: When doing calculations, it is recommended to use Excel. If you are calculating by hand, do not round to the nearest whole number until you get to the final answer Enter your answer as rounded to the nearest whole number, for example: if the answer is 100, enter 100

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