Your answer is partially correct. Situation 2: Toward the end of Su Li Corp's 2020 fiscal year, employer-union talks broke off, with the wage rates for the upcoming two years still unresolved. Just before the new year, however, a contract was signed that gave employees a 5% increase in their hourly wage effective January 1, 2021. Su Li had spent $1.2 million in wages on this group of workers in 2020. Prepare the entry, if any, that Su Li Corp. should make at December 31, 2020. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry"for the account titles and enter for the amounts.) Debit Credit Date Dec. 31, 2020 Account Titles and Explanation Salaries and Wages Expense 60000 Salaries and Wages Payable 60000