Problem 8-4B Record payroll (LO8-3) Emily Turnbull, president of Aerobic Equipment Corporation, is concerned about her employees' well-being. The company offers its employees free medical, dental, and life insurance coverage. It also matches employee contributions to a voluntary retirement plan up to 7% of their salaries. Assume that no employee's cumulative wages exceed the relevant wage bases. Payroll information for the biweekly payroll period ending January 24 is listed below. Wages and salaries Employee contribution to voluntary retirement plan Medical insurance premiums paid by employer Dental insurance premiums paid by employer Life insurance premiums paid by employer Federal and state income tax withheld FICA tax rate Federal and state unemployment tax rate $ 2,400,000 120,000 48,000 16,800 8,400 516,000 7.65% 6.20% Required: 1., 2. & 3. Record the necessary journal entries. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Debit Credit No 1. Date January 24 General Journal Salaries Expense Income Tax Payable FICA Tax Payable Accounts Payable (Retirement Plan) Salaries Payable January 24 Salaries Expense Accounts Payable (Retirement Plan) Accounts Payable (Medical Insurance) Accounts Payable (Dental Insurance) Accounts Payable (Life Insurance) 3 January 24 Payroll Tax Expense FICA Tax Payable Unemployment Tax Payable