Reagan Gas provides gas utilities to a wide area of eastern Illinois. During the month of May, it billed 22,500 of its residential customers located in the town of Moline a total of $2,230,000 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. $ 2. Prepare the entry to record the billing of these amounts. If an amount box does not require an entry, leave it blank. (Record sale) 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. (Record payment) Reagan Gas provides gas utilities to a wide area of eastern Illinois. During the month of May, it billed 22,500 of its residential customers located in the town of Moline a total of $2,230,000 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. $ 2. Prepare the entry to record the billing of these amounts. If an amount box does not require an entry, leave it blank. (Record sale) 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. (Record payment)