Reagan Gas provides gas utilities to a wide area of eastern Illinois. During the month of May, it billed 20,100 of its residential customers located in the town of Moline a total of $2,400,000 for electricity (this is considered revenue). In addition, Reagan is required to collect the following taxes: a. State Excise Tax: A tax of $3.00 per customer plus 2% of billing used to fund the Kentucky Energy Commission b. Federal Excise Tax: A tax of $0.50 per customer plus 0.1% of billing used to fund the Federal Energy Commission Required: When required, round your answers to two decimal places. 1. Determine how much Reagan will bill these customers in total for the month of May. x Feedback Theck My Work 1. Customers are typically charged for sales and excise taxes. These taxes are collected by the seller, but are owed to the taxing authority. 3. Prepare the entry to record the collection of these amounts. If an amount box does not require an entry, leave it blank. X (Record collection of receivables) Feedback Check My Work 4. Prepare the entry to record the payment of the state excise taxes to the appropriate governmental unit. If an amount box does not require an entry, leave it blank. X X (Record payment)