R. Stone, a non-supervisory employee, earns $200 per 40-hour workweek at the Princess Cafe. During the two-week period of February 4-17, he worked an average of 50 hours per week. He is married and claims two withholding allowances (See table on Exhibit #6 of reading for federal income tax withholding). Assume the PICA rate is 7.65%. Assume the state-withholding rate is 4.6%. SUTA rate is 5.2%. FUTA rate is 1.0%. Required: Calculate Stone's gross and net pay. Prepare the journal entry to record the payroll expense related to his labor. The Princess Cafe borrowing $50,000 from the Third Federal Bank on September 1, 20 times 1. The amount will be repaid in equal monthly installments over a two-year period. The first payment is due October 1, 20 times 1. Subsequent payments are due on the first of each month until the note is paid off. The annual interest rate is 12%. Assume the monthly payments are $2, 353.67. Required: How much of the first payment is interest? How much interest is accured on December 31, 20 times 1