X Your answer is incorrect. Betsy Strand's regular hourly wage rate is $20, and she receives an hourly rate of $30 for work in excess of 40 hours. During a January pay period, Betsy works 45 hours. Betsy's federal income tax withholding is $94, and she has no voluntary deductions. Compute Betsy Strand's gross earnings and net pay for the pay period. Assume that the FICA tax rate is 7.65%. (Round answers to 2 decimal places, e.g. 15.25.) Betsy Strand's gross earnings $ 1100 Betsy Strand's net pay 921.85 e Textbook and Media The following information is taken from Sheffield Corps balance sheet at December 31, 2016. $ 94,000 Current liabilities Interest payable Long-term liabilities Bonds payable (4%, due January 1, 2027) Less: Discount on bonds payable $4,560,000 45,600 4,514,400 Interest is payable annually on January 1. The bonds are callable on any annual interest date. Sheffield uses straight-line amortization for any bond premium or discount. From December 31, 2016, the bonds will be outstanding for an additional 10 years (120 months). (a) (b) (c) Journalize the payment of bond interest on January 1, 2017. Prepare the entry to amortize bond discount and to accrue the interest on December 31, 2017. Assume on January 1, 2018, after paying interest, that Sheffield Corp.calls bonds having a face value of $760,000. The call price is 102. Record the redemption of the bonds. Prepare the adjusting entry at December 31, 2018, to amortize bond discount and to accrue interest on the remaining bonds. (d) Debit Credit No. Date Account Titles and Explanation Jan. (a) 1 Interest Payable 2017 94000 Cash 94000 Dec. (b) 31 Interest Expense 186960 2017 Interest Payable 182400 Discount on Bonds Payable 4560 (c) Jan. 1 2018 Bonds Payable 760000 Cash 775200 Discount on Bonds Payable Loss on Bond Redemption Dec. (d) 31 Interest Expense 2018 Interest Payable Discount on Bonds Payable