Problem 1 (16 points) Elk Company payroll records for the month ended October 31, 2020 show the following details: Salaries earned by employees Federal income taxes withheld $ 200,000 42,000 The salaries are subject to 6% Social Security tax and 1.5% Medicare tax. Note, Social Security tax and Medicare tax are equal amounts for employees and employer. In addition, earnings of $30,000 are subject state unemployment tax of 5.4% and federal unemployment tax of 0.8%. Record the payroll for October. Also, record payroll tax expense for October. There are more rows than you need. Account Title Debit Credit How much is the net pay