Hernandez Builders has a gross payroll for June amounting to $400,000. The following amounts have been withheld:

Federal income tax ..........$70,000

State income tax ........... 30,000

Social Security ........... 9,000

Medicare .............. 3,000

Charitable contributions ........ 1% of gross pay

Union dues ............. 2% of gross pay

Also, the unemployment tax rate is 3 percent, and applies to all but $50,000 of the gross payroll.

Required:

1. What is the amount of net pay recorded by Hernandez?

2. Make the journal entry to record the payroll.