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Reducto Co. pays a weekly payroll of $95,000 that includes federal taxes withheld of $12,500 FICA taxes withheld of $7,220, and retirement withholdings of

Reducto Co. pays a weekly payroll of $95,000 that includes federal taxes withheld of $12,500 FICA taxes withheld of $7,220, and retirement withholdings of $6,000. What is the effect on assets and liabilities from this transaction?

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