Problem 8-3A Record payroll (LO8-3) Caribbean Tours' total payroll for the month of January was $510,000. The following withholdings, fringe benefits, and payroll taxes apply: Federal and state income tax withheld Health insurance premiums paid by employer (payable to Blue Cross) Contribution to retirement plan paid by employer (payable to Fidelity) FICA tax rate (Social Security and Medicare) Federal and state unemployment tax rate $51,000 9,180 20,400 7.65% 6.20% Assume that none of the withholdings or payroll taxes has been paid by the end of January (record them as payables), and no employee's cumulative wages exceed the relevant wage bases. Required: 1. Record the employee salary expense, withholdings, and salaries payable. 2. Record the employer-provided fringe benefits. 3. Record the employer payroll taxes. Record the necessary entry for the scenarios given above. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list View journal entry worksheet General Journal Credit No 1 Date January 31 Debit 510,000 Salaries Expense FICA Tax Payable Income Tax Payable Salaries Payable 39,015 51,000 Problem 8-5A Record deferred revenues (LO8-4) The University of Michigan football stadium, built in 1927, is the largest college stadium in America, with a seating capacity of 112,000 fans. Assume the stadium sells out all five home games before the season begins, and the athletic department collects $81.20 million in ticket sales. Required: 1. What is the average price per season ticket and average price per individual game ticket sold? (Enter your answers in dollars, not in millions (ie. $5.5 million should be entered as 5,500,000).) Per season ticket Per individual game ticket 2. & 3. Record the advance collection of $81.20 million in ticket sales and the revenue earned after the first home game is completed. (If no entry is required for a transaction/event, select "No Journal Entry Required in the first account field. Enter your answers in dollars, not in millions (i.e. $5.5 million should be entered as 5,500,000).) View transaction list Journal entry worksheet