Rand Company's payroll on December 31 of the current year is as follows: - total payroll, $500,000 - payroll in excess of $147,000 to each employee, $350,000 - payroll in excess of $7,000 to each employee, $400,000 - income taxes withheld, $85,000 - union dues withheld, $10,000 - tax rates: state unemployment tax, 5.4%; FICA tax, 8% for employees and 8% for employers for any amounts over $147,000; federal unemployment tax, 0.6% Required: Prepare the journal entries for Rand's payroll and payroll taxes. General Journal Prepare the journal entries for Rand's payroll and payroll taxes on December 31. Assume the payroll is paid on December 31