On January 3, 2017, an audit of the firms payroll records for 2016 showed that the firm had actually paid wages of $57,000 to its office employees and $183,000 to its factory employees.

Compute the actual premium for the year and the balance due to the insurance company or the credit due to the firm.

Actual Premium:

Balance Due:

In the general journal, record the entry to adjust the Workers Compensation Insurance Expense as of the end of 2016. Date the entry December 31, 2016.