please show steps for cpp contributions payable

Current Attempt in Progress Your answer is partially correct. Sheffield Enterprises payroll for the month of March, 2020 is shown below. Salaries and Wages for the month of March 2020 $ 206,000 Income Taxes withheld from employees 45,601 El withheld from employees 1.66% CPP withheld from employees 4.95% Union dues withheld from employees 20.132 Prepare the journal entries for the employee and employer portion related to payroll costs. Also, prepare the journal entries to record the remittance of the March payroll deductions to the Receiver General for Canada and to the union. (Hint: The employer's CPP share is the same as the employee's share, and the employer's El share is 1.4 times that of the employee.) (Round answer to 0 decimal places, eg. 5,275. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts.) Account Titles and Explanation Debit Credit Salaries and Wages Expense 206000 Account Titles and Explanation Debit Credit Salaries and Wages Expense 206000 CPP Contributions Payable 10197 El Premiums Payable 3420 Employee Income Tax Deductions Payable 45601 Union Dues Payable 20132 Salaries and Wages Payable 126650 (To record the salaries and wages paid and the employee payroll deductions) Payroll Tax Expense 14985 CPP Contributions Payable 10197 El Premiums Payable 4788 (To record employer contributions) (To record the salaries and wages paid and the employee payroll deductions) Payroll Tax Expense 14985 CPP Contributions Payable 10197 El Premiums Payable 4788 (To record employer contributions) Employee Income Tax Deductions Payable 45601 CPP Contributions Payable 20132 El Premiums Payable 8208 Cash 73941 (To record remittance) Salaries and Wages Expense 132059 Cash 132059 On January 1, 2020, Wildhorse Ltd. purchased the right to extract oil from proven oil reserves on provincial government land. It paid 930,000 for production equipment and debited the "Equipment" account for the purchase price. Operations began on that day, and the agreement provided for three years of operations (until December 31, 2022), at which time it was estimated the oil reserves would be exhausted. Wildhorse planned to extract the oil evenly over the three-year period and therefore decided to depreciate the cost of the equipment using the straight-line method, with no residual or salvage value. Included in the agreement with the government was a provision that the business would clean up the site at the end of the three years. On the date of purchase, Wildhorse's engineers and accountants estimated that the total cost to clean up the site on December 31, 2022 would total $ 350,000, and the discount rate to be applied to that future cost would be 8%. (Note: clean-up costs are also being debited to "Equipment"). On December 31, 2022, a contractor was paid $ 343,500 to clean up the site, and in January 2023 the site was closed. Wildhorse's fiscal year end was December 31. and the company followed ASPE. Prepare the required journal entries for each of the following dates, using the expense approach. (Note: no inventory or sales related journal entries are required to be prepared): January 1, 2020 Use (a) factor Table A.2. (b) a financial calculator, or (c) Excel function PV. December 31, 2020 . December 31, 2021 December 31, 2022 (Round answer to 0 decimal places, eg. 5,275. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter for the amounts. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit (To record acquisition of the production equipment and asset retirement obligations.) (To record accretion expense.) (To record depreciation for the production equipment.) (To record accretion expense.) (To record depreciation for the production equipment.) (To record accretion expense.) (To record depreciation for the production equipment.) (To record depreciation for the production equipment.) (To record accretion expense.) (To record depreciation for the production equipment.) (To record settlement of asset retirement obligation.)