Part 2

Great has an annual payroll of $210,000. In addition. the company incurs pryrol tax expense of B\% of the annual payroll. At December 31, Girat owes salaries of $8,100 and FICA and other payroll tax of \$550. The company will pay these amounts early nexd yoar. Requirement 1. Show what Great will report for the foregoing on its income statement for the year and on its year-end balance sheet. (if an input field is not used in that table ieave the field emgty, do not select a label of enter a zero.) Stat with the income statement. Show what Great will report on the year-end balance sheet. Great has an annuak payroll of $210,000. In addition, the company incurs payroll tax expense of 8% of the annual poyroll. At December 31, Girgat owes salaries of $8,100 and FICA and other payroll tax of $550. The company will pay these amounts early next year Requirement 1. Show what Great will report for the foregoing on its income statement for the year and on its yoar-end balance sheot. (if an inpuif field is not used in then tabie inave the field empty, do not solect an label or enter a zero.) Show what Great will report on the year-end balance sheet