Problem 8-77A (Algorithmic) Excise Taxes Clinton Power provides electricity to a wide area of western Kentucky. During October 2019 it billed 18,700 of its residential customers located in the town of Heyworth a total of $2,540,000 for electricity (this is considered revenue). In addition Clinton is required to collect the following taxes: a. State Excise Tax: A tax of $3.00 per customer plus 2% of billing used to fund the Kentucky Energy Commission b. Federal Excise Tax: A tax of $0.50 per customer plus 0.1% of billing used to fund the Federal Energy Commissic Required: If required, round your answers to the nearest cent. 1. Determine how much Clinton will bill these customers in total for the month of October 2019. 2. Prepare the entry to record the billing of these amounts. If an amount box does not require an entry, leave it blank. (Record sale) 3. Prepare the entry to record the collection of these Check My Work 5 more Check My Work uses remaining. All work saved. Instructor Save and Exit Submit Assignment for Grading 7 8 9 0 (Record sale) 3. Prepare the entry to record the collection of these amounts. (Record collection of receivables) 4. Prepare the entry to record the payment of the state excise taxes to the appropriate governmental unit. (Record payment) Check My Work more Check My Work uses remaining Previous Next > Email Instructor Save and Exit Submit Assignment for Grading yuiop k