Total payroll expense last year was $120,000. During the current year, all employees received a 2% raise, nobody left and one new person started on July 1 for a monthly salary of $2,000. Payroll is paid on the 1st day of each month for services provided during the previous month. Assume all months pay are the same regardless of the number of days in the month. Perform an analytic to develop an expectation of what you think accrued payroll should be as of the end of the year.