Problem $11\mathrm{.}6$A $($Static$)$ Computing and recording workers' compensation insurance premiums. LO $11-8$The following information relates to Ponte Manufacturing Companys workers compensation insurance premiums for $20$X$1.$ On January $15,20$X$1,$ the company estimated its premium for workers compensation insurance for the year on the basis of that data.Work ClassificationAmount of Estimated WagesInsurance RatesOffice work$ $64,000$$$0\mathrm{.}30/$$$100$Shop work$308,000$$$6\mathrm{.}00/$$$100$Required:Compute the estimated premiums.Record in general journal form payment of the estimated premium on January $15,20$X$1.$On January $4,20$X$2,$ an audit of the firms payroll records showed that it had actually paid wages of $$69,960$ to its office employees and wages of $$315,320$ to its shop employees. Compute the actual premium for the year and the balance due the insurance company or the credit due the firm.Prepare the general journal entry on December $31,20$X$1,$ to adjust the Workers Compensation Insurance Expense account.Analyze:If $($at the beginning of this question$)$ all wages were attributable to shop employees, what premium estimate would have been calculated and recorded on January $15,20$X$1?$