Workers' Compensation Insurance and Adjustment Willamette Manufacturing estimated that its total payroll for the coming year would be $650,000 The workers' compensation insurance premium rate is 0.3% Required: 1. Calculate the estimated workers' compensation insurance premium. Prepare the journal entry for the payment as of January 2, 20 If an amount box does not require an entry, leave it blank. Page: DOC. POST. POST DEBIT CRED 00C DATE ACCOUNT TITLE NO. REF 1 20-Jan.2 Pald estimated workers' compensation insurance premium 2. Assume that Willamette Manufacturing's actual payroll for the year was $672,000. Calculate the total insurance premium owed