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Lakeview Company completed the following two transactions. The annual accounting period ends December 31. a. On December 31, calculated the payroll, which indicates gross earnings for wages ( $120.000), payroll deductions for income tax ($12,000), payroll deductions for FICA ($9,000), payroll deductions for American Cancer Society ($4,500), employer contributions for FICA (matching), and state and federal unemployment taxes (\$1,050). Employees were paid in cash, but payments for the corresponding payroll deductions have not yet been made and employer taxes have not yet been recorded. b. Collected rent revenue of $6,750 on December 10 for office space that Lakeview rented to another business. The rent collected was for 30 days from December 11 to January 10 and was credited in full to Deferred Revenue. Required: 1. \& 2. Prepare the journal entries to record payroll on December 31 , the collection of rent on December 10 and adjusting journal entry on December 31. 3. Show how any of the liabilities related to these items should be reported on the company's balance sheet at December 31 . Show how any of the liabilities related to these items should be reported on the company's balance sheet at December 31. (Do not round Intermediate calculations.) Record the payroll tax expense. Record the collection of 30 days' rent in advance amounting to $6,750. Record the adjusting entry relating to rent. The following amortization schedule indicates the interest and principal that Chip's Cookie Corporation (CCC) must repay on an installment note established January 1, 2021. CCC has a December 31 year-end and makes the required annual payments on December 31. Use the amortization schedule to determine (a) the amount of the (rounded) annual payment; (b) the amount of interest expense to report in the year ended December 31, 2021 (Year 1): (c) the note payable balance at January 1, 2024; and (d) the total interest and total principal paid over the note's entire life. (Round your answers to the nearest whole dollar amount.)

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