Sharon Urs Shapes icons 30 Models Chart Screenshot 1019 Media Links Comment Header Footer Page Number w A A A My Add-ins w Wipedia Textos WordArtrou CAR 13. The Company offers a bonus plan to its employees. For the year ended December 31, the 2021, the employees, in total are entitled to a bonus payment of $100,000, which will be paid no later than March 15, 2022, for their rendered during 2021. Allocation of the bonus among the Company's employees will not cause any employee to exceed the social security base for application of the 6.2% rate. The Medicare rate in effect for 2021 was 1.45% of all wages earned during 2021. Federal and State withholdings total $25,000 and $6,000, respectively and there are no other voluntary withholdings that will be applied to the bonus payment. Prepare the journal entry to record, as of December 31, 2021, the bonus plan expense and the related bonus plan payable and the related withholdings. 1 14. As a part of the closing process, the accounting department of the Company has determined that an item of inventory is in transit. The terms of this purchase are FOB shipping point. The total cost of the inventory, inclusive of freight is $10,000, which has not been paid. If necessary, prepare the Journal entry, as of December 31, 2021 to record this inventory purchase. The inventory has not been previously recorded. 15. On December 31, 2021, the Company's Board of Directors declared a dividend payable to all common stock holders as of December 31, 2021 in the amount of $15,000. The dividend will be paid March 1, 2021