Assignment 5 - Chapter 7,8 Comm 204-Spring 2020 Question 4 Chen's gross payroll for the work week ending January 17 was $105,000. The company deducted $5,236 for CPP, $3,517 for El, and $14,150 for income tax from the employees' pay. Chen's payroll costs for the week were $5,236 for CPP and $4,924 for El. Chen paid payroll on January 30. On January 31, Chen remitted payroll (source) deductions to CRA. Required Prepare the journal entries to record the above transactions. Explanations are not required. DATE ACCOUNT DEBIT CREDIT Assignment 5 - Chapter 7,8 Comm 204 - Spring 2020 Question 5 On January 1, 2019, Denver Corporation issued 10-year, 7% bond with a maturity value of $150,000. The bonds sells at 95.00 and pay interest on July 1 and January 1. Denver Corporation amortizes the bond using the effective interest rate method. The market rate is 8%. Required Prepare the journal entries to record the sale of the bond, the interest expense for July 1 and the interest accrual for December 31 (company has a year end of December 31). Explanations are not required. DATE ACCOUNT DEBIT EBIT CREDIT