Perrault has an annual payroll of $190,000. In addition, the company incurs payroll tax expense of 8%. At December 31, Perrault owes salaries of $8,200 and FICA and other payroll tax of $700. The company will pay these amounts early next year. Show what Perrault will report for the foregoing on its income statement for the year and on its year-end balance sheet. INCOME STATEMENT Expenses: Payroll expense Payroll tax expense BALANCE SHEET Current liabilities: Salary payable Payroll tax payable