Workers' Compensation Insurance and Adjustment Specialty Manufacturing estimated that its total payroll for the coming year would be $401,000. The workers' comp 0.2%. Required: 1. Calculate the estimated workers' compensation insurance premium. Prepare the journal entry for the payment as of January 2,20. 2. Assume that Specialty Manufacturing's actual payroll for the year is $409,000.00. Calculate the total insurance pr Prepare a journal entry as of December 31,20, to record the adjustment for the underpayment. The actual paymen take place in January of the next year. Page: ed that its total payroll for the coming year would be $401,000. The workers' compensation insurance premium rate is orkers' compensation insurance premium. the payment as of January 2,20 Manufacturing's actual payroll for the year is $409,000.00. Calculate the total insurance premium owed. Y as of December 31,20, to record the adjustment for the underpayment. The actual payment of the additional premium will of the next year. Prepare the journal entry for the payment as of January 2,20. 2. Assume that Specialty Manufacturing's actual payroll for the year is $409,000.00. Calculate the total insur Prepare a journal entry as of December 31, 20-, to record the adjustment for the underpayment. The actual take place in January of the next year. acturing's actual payroll for the year is $409,000.00. Calculate the total insurance premium owed. ecember 31,20, to record the adjustment for the underpayment. The actual payment of the additional premium will ixt year