Question 16 1 pts Company Z had $512,000 of income in 2020. The company's executives get paid a bonus that is 5% of net income. The lower level employees had total salaries of $1,500,000. Their bonuses are 2% of their salaries. The company paid bonuses in 2021. Record the journal entry to accrue the bonuses in 2020: Salaries and Wages Payable Cash $85,240 $85,240 Salaries and Wages Expense Salaries and Wages Payable $85,240 $85,240 Salaries and Wages Payable Cash $55,600 $55,600 Salaries and Wages Expense Salaries and Wages Payable $55,600 $55,600