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The two employees of Silver Company receive various fringe benefits

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The two employees of Silver Company receive various fringe benefits. Silver Company provides vacation at the rate of $315 per day. Each employee earns one day of vacation per month worked. In addition, Silver Company pays a total amount of $650 per month in medical insurance premiums. Silver also contributes a total amount of $400 per month into an employee retirement plan. The federal unemployment tax rate is 6 percent, while the state tax rate is 4 percent. Unemployment taxes apply to the first $7,000 of earnings per employee. Assume a Social Security tax rate of 6 percent and a Medicare tax rate of 1.5 percent. Required: a. Prepare the monthly journal entry for the accrued fringe benefits. b. Show the effect of the preceding transaction on a horizontal statements model. c. If the two employees each worked 250 days, what is Silver Company's total payroll cost (salary, payroll taxes, and fringe benefits) for the year? (Assume that each employee earns $315 per day.) Complete this question by entering your answers in the tabs below. Required A Required B Required C Prepare the monthly journal entry for the accrued fringe benefits. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Required A Required B Required C Prepare the monthly journal entry for the accrued fringe benefits. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet < A > Record the entry for the accrued fringe benefits. Note: Enter debits before credits. Event General Journal Debit Credit 1 Record entry Clear entry View general journal Complete this question by entering your answers in the tabs below. Required A Required B Required C Show the effect of the preceding transaction on a horizontal statements model. (In the Cash Flow column, use the initials (OA) to designate operating activity, (IA) for investing activity, (FA) for financing activity and leave blank for no affect. Enter any decreases to account balances with a minus sign.) SILVER COMPANY Horizontal Statements Model Balance Sheet Income Statement Assets Liabilities + Stockholders' Equity Common Retained Stock Earnings Statement of Cash Flows Various Payables Cash + + Revenue Expenses = Net Income = + + = Required A Required B Required C If the two employees each worked 250 days, what is Silver Company's total payroll cost (salary, payroll taxes, and fringe benefits) for the year? (Assume that each employee earns $315 per day.) (Round your answer to 2 decimal places.) Total payroll cost