The following information relates to Ponte Manufacturing Company's workers' compensation insurance premiums for 20X1. On January 15, 20X1, the company estimated its premium for workers' compensation insurance for the year on the basis of that data. Work Classification Office work Shop work Amount of Estimated Wages Insurance Rates $ 59,000 $0.50/$100 303,000 $4.00/$100 es Required: 1. Compute the estimated premiums. 2. Record in general journal form payment of the estimated premium on January 15, 20X1. 3. On January 4, 20X2, an audit of the firm's payroll records showed that it had actually paid wages of $64,960 to its office employees and wages of $310,320 to its shop employees. Compute the actual premium for the year and the balance due the insurance company or the credit due the firm. 4. Prepare the general journal entry on December 31, 20X1, to adjust the Workers' Compensation Insurance Expense account. Analyze: If all wages were attributable to shop employees, what premium estimate would have been calculated and recorded on January 15, 20X12 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Analyze Compute the estimated premiums. (Round Insurance Rate answers to 3 decimal places. Le 12.3% should be entered as 0.123) Work Classification Office work Estimated Insurance Eamings Rate Estimated Premiuns Shop work Total Required 1 Required 2 Required 3 Required 4 Analyze Record in general journal form payment of the estimated premium on January 15, 20X1. (Round your answers to 2 decimal places.) View transaction list Journal entry worksheet 1 Record payment of estimated workers compensation for the year. Note: Enter debits before credits Date Jan, 15.20X1 General Journal Debit Credit Record entry Clear entry View general journal Required 1 Required 2 Required 3 Required 4 Analyze On January 4, 20X2, an audit of the firm's payroll records showed that it had actually paid wages of $64,960 to its office employees and wages of $310,320 to its shop employees. Compute the actual premium for the year and the balance due the insurance company or the credit due the firm. (Round "Insurance Rate" answers to 3 decimal places. i.e., 12.3% should be entered as 0.123) Work Classification Office work Shop work Total Estimated premiums paid Actual Earnings Insurance Actual Rate Premiums 0.00 Additional premium due S 0.00 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Analyze Prepare the general journal entry on December 31, 20X1, to adjust the Workers' Compensation Insurance Expense account. (Round) your answers to 2 decimal places.) View transaction list Journal entry worksheet 1 2 Record the balance due to the insurance company or the credit due the firm. Note Enter debits before credit Date Dec 31 20X1 General Journal Debit Credit Record entry Clear entry View general journal Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Analyze If all wages were attributable to shop employees, what premium estimate would have been calculated and recorded on January 15, 20X1? Premium estimate