WORKERS' COMPENSATION INSURANCE AND ADJUSTMENT Columbia Indus- tries estimated that its total payroll for the coming year would be $385,000. The workers' compensation insurance premium rate is 0.2%. REQUIRED 1. Calculate the estimated workers' compensation insurance premium and pre- pare the journal entry for the payment as of January 2, 20--. 2. Assume that Columbia Industries' actual payroll for the year is $396,000. Calculate the total insurance premium owed and prepare a journal entry as of December 31, 20--, to record the adjustment for the underpayment. The actual payment of the additional premium will take place in January of the next year