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Accounting

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ork 0.33 muestion 5 of 5 48,670,000 Equipment Less: Accumulated depreciation-equipment Total plant assets 4.980,000 43,690,000 $62.680,000 During 2021, the following selected cash transactions occurred. April 1 Purchased land for $2.200,000. May 1 Sold equipment that cost $840,000 when purchased on January 1, 2017. The equipment was sold for $504,000 June 1, Sold land purchased on June 1, 2011 for $1,450,000. The land cost $399,000. July 1 Purchased equipment for $2.480,000 Dec. 31 Retired equipment that cost $491,000 when purchased on December 31, 2011. The company received no proceeds related to salvage. DEC 10 tv Question 6 of 6 -/1 Uuuu LUTS FICA taxes $39,224 Federal income taxes withheld 165,000 State income taxes withheld (3%) 17.400 United Fund contributions payable 29,000 Health insurance premiums 18,500 Total $269,124 Oriole's payroll taxes are Social Security tax 6.2%, Medicare tax 1.45%, state unemployment 2.5% (due to a stable employment record), and 0.8% federal unemployment Gross earnings subject to Social Security taxes of 6.2% total $497,000, and gross earnings subject to unemployment taxes total $145,000. No employee exceeds the $127.200 limit related to FICA taxes. (a) Prepare a summary journal entry at December 31 for the full year's payroll. Journalize the adjusting entry at December 31 to record the employer's payroll taxes. (b) (Round answers to o decimal places, e.g. 125. Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Account Titles and Explanation Debit Credit fa) (b) Question 6 of 6

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