value 1111 points E10-3 Recording Payroll Costs CLO 10-2] McLoyd Company completed the salary and wage payroll for March. The payroll provided the following details 420,000 Salaries and wages earned 38,850 Employee income taxes withheld FICA taxes withheld 30,030 Unemployment taxes 2,920 Required 1. Considering both employee and employer payroll taxes, use the preceding information to calculate the total labor cost for the company. Total Labor Cost 5 491,800 2.&3. Prepare the journal entry to record the payroll for March including employee deductions (but excluding employer payroll taxes employer's FICA taxes and unemployment taxes. Employees were paid in March but amounts withheld were not yet remitted. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.)