Record journal entry for ( C ) based on the following information:

- The final payroll entry (on 12/31/17) has wages of $55,000. There is $15,000 in federal withholding and $5,300 in state withholding. The social security tax rate is 12.4% and Medicare tax rate is 2.9% (These are total tax rates not just the employee or employer tax rates). FUTA has a 0.6% tax rate and SUTA has a 5.4% tax rate. There are no fringe benefits associated with this payroll. The wages are not paid in 2017, they will be paid January 2018. Round to nearest dollar.

-No pension expense related adjustments have been made. Service costs for the year is $16,000. The interest charged is $8,500. The expected return was $6,000. There was no prior service costs. The unamortized gain fell within the corridor so no entry is needed.

- In November you pre-paid $8,000 of December rent. Make an adjusting journal entry dated 12/31/17 recording rent expense as you have used this pre-paid expense.

C) Grandview has a 40% tax rate. After recording the above entries, use pretax income to find Grandviews tax expense and make an adjusting entry dated 12/31/17 to record the tax expense. Also notice that there is tax-exempt interest income listed in the chart of accounts. There are no temporary differences this year. Taxes will not be paid until March of 2018.