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 Insurance Wages Rates $ 50,00 $ 8.50/$100 294, $ 4.00/$100 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 $55.960 to its office employees and wages of $301,320 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 accou count. Analyze: If all wages were attributable to shop employees, what premium estimate would have been calculated and recorded on January 15, 20X1? 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. i.e., 12.3% should be entered as 0.123) Estimated Earnings Insurance Rate Estimated Premiums Work Classification Office work Shop work Total S 0 Journal entry worksheet Record the balance due to the insurance company or the credit due the firm. Note: Enter debits before credits General Journal Debit Credit Date Dec. 31. 20X1 Record entry Clear entry View general journal Journal entry worksheet