Payroll Taxes Hernandez Builders has a gross payroll for January amounting to $500,000. The following amounts have been withheld: Income taxes Canada Pension Plan contributions Employment Insurance contributions Pension plan contributions Charitable contributions Union dues $63,000 31,000 5,000 7,250 1% of gross pay 2% of gross pay Required: 2. Prepare the joumal entries to record the payroll (employer pays additional 100% of employees' CPP and 140% of employees' E). For those boxes in which no entry is required, leave the box blank Wage Expense 437,000X Canada Pension Plan payable Employment Insurance payable Pension plan payable Charitable contributions payable Union dues payable Cash 31,000 v 5,000 7,250 5,000 10,000 378,750X (Record wages and liabilities) Canada Pension Plan expense Employment Insurance expense 31,000 7,000 Canada Pension Plan payable V 31,000 v Employment Insurance payable700 (Record employer payroll taxes)