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Precision Castparts, a manufacturer of processed engine parts in the automotive and airline industries, borrows $39.1 million cash on October 1, 2018, to provide working capital for anticipated expansion. Precision signs a one-year, 9% promissory note to Midwest Bank under a prearranged short-term line of credit. Interest on the note is payable at maturity. Each firm has a December 31 year-end. Prepare the journal entries on October 1, 2018, to record the issuance of the note

Emily Turnbull, president of Aerobic Equipment Corporation, is concerned about her employees well-being. The company offers its employees free medical, dental, and life insurance coverage. It also matches employee contributions to a voluntary retirement plan up to 6% of their salaries. Assume that no employees cumulative wages exceed the relevant wage bases. Payroll information for the biweekly payroll period ending January 24 is listed below.

Wages and salaries $ 1,700,000 Employee contribution to voluntary retirement plan 85,000 Medical insurance premiums paid by employer 34,000 Dental insurance premiums paid by employer 11,900 Life insurance premiums paid by employer 5,950 Federal and state income tax withheld 365,500 FICA tax rate 7.65 % Federal and state unemployment tax rate 1., 2. & 3. Record the necessary journal entries. 6.20 %

Emily Turnbull, president of Aerobic Equipment Corporation, is concerned about her employees well-being. The company offers its employees free medical, dental, and life insurance coverage. It also matches employee contributions to a voluntary retirement plan up to 6% of their salaries. Assume that no employees cumulative wages exceed the relevant wage bases. Payroll information for the biweekly payroll period ending January 24 is listed below.

Wages and salaries $ 1,700,000 Employee contribution to voluntary retirement plan 85,000 Medical insurance premiums paid by employer 34,000 Dental insurance premiums paid by employer 11,900 Life insurance premiums paid by employer 5,950 Federal and state income tax withheld 365,500 FICA tax rate 7.65 % Federal and state unemployment tax rate 1., 2. & 3. Record the necessary journal entries. 6.20 %

Emily Turnbull, president of Aerobic Equipment Corporation, is concerned about her employees well-being. The company offers its employees free medical, dental, and life insurance coverage. It also matches employee contributions to a voluntary retirement plan up to 6% of their salaries. Assume that no employees cumulative wages exceed the relevant wage bases. Payroll information for the biweekly payroll period ending January 24 is listed below.

Wages and salaries	$ 1,700,000
Employee contribution to voluntary retirement plan	85,000
Medical insurance premiums paid by employer	34,000
Dental insurance premiums paid by employer	11,900
Life insurance premiums paid by employer	5,950
Federal and state income tax withheld	365,500
FICA tax rate	7.65 %
Federal and state unemployment tax rate	6.20 %
1., 2. & 3. Record the necessary journal entries.

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