The following information relates to a company that is required to pay workers' compensation insurance premiums. Use the following information to compute and record workers' compensation insurance premiums for the firm. 1. The firm estimates that its office employees will earn $44,000 next year and its factory employees will earn $160,000. The firm pays the following rates for workers' compensation insurance: $0.60 per $100 of wages for the office employees and $4.80 per $100 of wages for the factory employees. A) Compute the estimated premiums for 2019. B) In the general Journal, record the payment of the estimated premium Date the entry as January 12, 2019 and assume the company does NOT use a prepaid asset account, but rather records the entry into the appropriate expense account 2. On January 3, 2020, an audit of the firm's payroll records for 2019 showed that the firm had actually paid wages of $46,000 to its office employees and $163,000 to its factory employees. A) Compute the actual premium for the year and the balance due to the insurance company or the credit due to the firm, B) In the general journal, record the entry to adjust the Workers' Compensation Insurance Expense as of the end of 2019. Date the entry December 31, 2019. Req la Req 1b Req 2a Req 2b Compute the estimated premiums for 2019. Estimated premiums Journal entry worksheet 1 Record the payment of the estimated premium. Note: Enter debits before credits. Date General Journal Debit Credit Jan 12, 2019 Record entry Clear entry View general journal Req la Reg 1b Req 2a Reg 2b Compute the actual premium for the year and the balance due to the insurance company or the credit due to the firm. (Enter all answers as positive values.) Actual premium Balance due Journal entry worksheet