The information on earnings and deductions for the pay period ended December 14 from King Company's payroll records is as follows: Gross Pay $382 Beginning Cumulative Earnings 56,724 40,114 38,513 39,552 Name Burgess, J. L. Clayton, M. E Drugden, T.F. Lui, L. W. Sparks, C. R. Stevers, D. H. 790 879 1,028 4,132 115,425 6,770 801 For each employee, the Social Security tax is 6.2 percent of the first $118,500 and the employer's Social Security tax is 6.2 percent on the same earnings limit. The Medicare tax is 1.45 percent on all earnings. The federal unemployment tax rate is 0.6 percent of the first $7,000 of earnings of each employee. The st unemployment tax rate is 5.4 percent of the same base. Determine the total taxable earnings for unemployment, Social Security, and Medicare. If an amount is zero, enter "0". ENDING TAXABLE EARNINGS BEGINNING CUMULATIVE TOTAL CUMULATIVE UNEMPLOY- SOCIAL NAME EARNINGS EARNINGS EARNINGS MENT SECURITY MEDICARE Burgess, J. L. 6,724 382 7,106 420 Clayton, M. E. 40,114 790 420 40,904 39,391 Drugden, T.E 38,513 878 420 Lui, L. W. 39,552 1,028 40,580 420 Sparks, C. R. 115,425 4,132 119,557 420 Stevers, D. H. 6,770 801 7,571 420 Total 247,098 8,011 255, 109 2,520.00 Prepare a general journal entry to record the employer's payroll taxes. If an amount box does not require an entry, leave it blank. If required, round your intermediate calculations and final answers to the nearest cent and use the rounded answers in subsequent computations. GENERAL JOURNAL PAGE DOC. DATE DESCRIPTION POST. REF. DEBIT CREDIT NO. 20-- Dec. 14 Payroll Tax Expense FICA Social Security Tax Payable FICA Medicare Tax Payable State Unemployment Tax Payable Federal Unemployment Tax Payable To record employer's share of FICA taxes and employer's state and federal unemplovment taxes