The two employees of Silver Company receive various fringe benefits. Silver Company provides vacation at the rate of $$315$ per day. Each employee earns one day of vacation per month worked. In addition, Silver Company pays a total amount of $$650$ per month in medical insurance premiums. Silver also contributes a total amount of $$400$ per month into an employee retirement plan. The federal unemployment tax rate is $6$ percent, while the state tax rate is $4$ percent. Unemployment taxes apply to the first $$7,000$ of earnings per employee. Assume a Social Security tax rate of $6$ percent and a Medicare tax rate of $1\mathrm{.}5$ percent.

Required:

Prepare the monthly journal entry for the accrued fringe benefits.

Show the effect of the preceding transaction on a horizontal statements model.

If the two employees each worked $250$ days, what is Silver Company$$s total payroll cost $($salary$,$ payroll taxes, and fringe benefits$)$ for the year? $($Assume that each employee earns $$315$ per day.$)$