E11-12 Norwest Bank has annual salary expense of $900,000. In addition, the bank incurs payroll tax expense equal to 9% of the total payroll. At December 31, the end of the bank's accounting year. Norwest owes salaries of $4,000 and FICA and other payroll tax of $1,000. The bank will pay these amounts early next year. Required Show what Norwest Bank will report for these facts on its income statement and year-end balance sheet.