PART A: (8 marks) Silver Records has 4 employees who are paid on the 1^st and 15^th of each month for the work they performed in the preceding half-month. At November 30, each employee is owed gross pay of $2,250, but each one must have 10% of their pay withheld for income taxes. Each must also make CPP contributions of 5.1% of their gross pay and pay EI premiums of 1.62% of their gross pay.

Required:

1. Prepare a single journal entry required to record the accrual of payroll on November 30
2. Prepare the journal entry to record the related employers liability on November 30

PART B: (8 marks) Superb Industries borrowed money by issuing a $30,000, 6%, 10-year bond. The Assume that Superb Industries issued the bond on April 1, 2021 at a price of $27,868. The market interest rate on April 1 was 7%. Superbs accounting year ends on September 30.

Required: Journalize the following transactions for Superb Industries:

1. Issuance of the bonds on April 1, 2021
2. Accrual of interest expense and amortization of bonds on September 30, 2021 (use effective interest amortization method, and round amounts to the nearest dollar)
3. Payment of the first semi-annual interest amount on October 1, 2021