Situation $2$: Toward the end of Sarasota Corp.$\text{'}$s $2023$ fiscal year, employer$-$union talks broke off, with the wage rates for the upcoming two years unresolved $.$ Just before the new year, however,a contract was signed thatgave employees a $5\%$ increase in their hourly wage effective January $1,2024.$ Sarasota had spent $$1\mathrm{.}3$ million in wages on this group of workers in $2023.$ Prepare the entry, if any, that Sarasota should make at December$31,2023.($Credit account title are automatically indented when the amount is entered. Do not indent manually. List debit entry before credit entry.If no entry is required, select $"$No Entry" for the account titles and enter $0$ for the amounts$)$