18 Problem 8-4A Record payroll (LO8-3) 2.5 points Vacation Destinations offers its employees the option of contributing up to 6% of their salaries to a voluntary retirement plan, with the employer matching their contribution. The company also pays 100% of medical and life insurance premiums. Assume that no employee's cumulative wages exceed the relevant wage bases, Payroll information for the first biweekly payroll period ending February 14 is listed below. eBook Print References Wages and salaries Employee contribution to voluntary retirement plan Medical insurance premiums paid by employer Life insurance premiums paid by employer Federal and state income tax withheld Social Security tax rate Medicare tax rate Federal and state unemployment tax rate $1,000,000 42,000 21,000 4,000 250,000 6.20% 1.45% 6.208 Required: 1. Record the employee salary expense, withholdings, and salaries payable. 2. Record the employer-provided fringe benefits. 3. Record the employer payroll taxes. Record the necessary entry for the scenarios given above. (If no entry is required for a transaction/event, select "No Journal Entry Required in the first account field.) View transaction list View journal entry worksheet General Journal Credit No 1 Date February 14 Debit 1,000,000 Salaries Expense Income Tax Payable 250,000 18 Required" in the first account field.) View transaction list View journal entry worksheet 2.5 No Date Credit points Debit 1,000,000 February 14 250,000 eBook General Journal Salaries Expense Income Tax Payable FICA Tax Payable Accounts Payable (Retirement Plan) Salaries Payable Print 42,000 References 2 February 14 Salaries Expense Accounts Payable (Medical Insurance) Accounts Payable (Life Insurance) Accounts Payable (Retirement Plan) 3 February 14 Payroll Tax Expense FICA Tax Payable Unemployment Tax Payable Exercise 8-3A Record notes payable (LO8-2) points On August 1, 2021, Trico Technologies, an aeronautic electronics company, borrows $20.0 million cash to expand operations. The loan is made by FirstBanc Corp. under a short-term line of credit arrangement. Trico signs a six-month, 8% promissory note. Interest is payable at maturity. Trico's year-end is December 31. Required: 1.-3. Record the necessary entries in the Journal Entry Worksheet below for Trico Technologies. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field. Enter your answers in dollars, not in millions (i.e. 5 should be entered as 5,000,000).) No 1 Answer is complete but not entirely correct. Date General Journal Debit August 01, 2021 Cash 20,000,000 Notes Payable Credit 20,000,000 2 666,666,667 December 31, 202 Interest Expense Interest Payable 666,666,667% 3 January 31, 2022 Interest Expense Interest Payable Notes Payable Cash 133,333,333 666,666,667% 20,000,000 820,000,000