Vacation destinations offers its employees the option of contributing up to 7% of their salaries to a voluntary retirement plan, with the employer matching their contribution. the company also pays 100% of medical and life insurance premiums. assume that no employee's cumulative wages exceed the relevant wage bases. payroll information for the first biweekly payroll period ending february 14 is listed below.

wages and salaries $ 1,500,000
employee contribution to voluntary retirement plan 63,000
medical insurance premiums paid by employer 31,500
life insurance premiums paid by employer 6,000
federal and state income tax withheld 375,000
social security tax rate 6.20 %
medicare tax rate 1.45 %
federal and state unemployment tax rate 6.20 %

1) record the employee salary expense, withholdings, and salaries payable.

2) record the employer-provided fringe benefits.

3) record the employer payroll taxes.

The following balance sheet for the los gatos corporation was prepared by a recently hired accountant. in reviewing the statement you notice several errors. los gatos corporation balance sheet at december 31, 2018 assets cash $ 44,000 accounts receivable 86,000 inventories 57,000 machinery (net) 122,000 franchise (net) 32,000 total assets $ 341,000 liabilities and shareholders' equity accounts payable $ 54,000 allowance for uncollectible accounts 7,000 note payable 59,000 bonds payable 112,000 shareholders' equity 109,000 total liabilities and shareholders' equity $ 341,000 additional information: cash includes a $22,000 restricted amount to be used for repayment of the bonds payable in 2022. the cost of the machinery is $194,000. accounts receivable includes a $22,000 note receivable from a customer due in 2021. the note payable includes accrued interest of $7,000. principal and interest are both due on february 1, 2019. the company began operations in 2013. income less dividends since inception of the company totals $37,000. 52,000 shares of no par common stock were issued in 2013. 200,000 shares are authorized. required: prepare a corrected, classified balance sheet. (amounts to be deducted should be indicated by a minus sign.)

land, a building and equipment are acquired for a lump sum of $ 1,000,000. the market values of the land, building and equipment are $ 300,000, $ 800,000 and $ 300,000, respectively. what is the cost assigned to the equipment? (do not round any intermediary calculations, and round your final answer to the nearest dollar.)

Demand increases by less than supply increases. as a result, (a) equilibrium price will decline and equilibrium quantity will rise. (b) both equilibrium price and quantity will decline. (c) both equilibrium price and quantity will rise