Concord Corporation had the following transactions during the current period. Mar. 2 Issued 4,800 shares of $7 par value common stock to attorneys in payment of a bill for $37,600 for services performed in helping the company to incorporate. June 12 Issued 56,500 shares of $7 par value common stock for cash of $479,600. July 11 Issued 2,800 shares of $120 par value preferred stock for cash at $130 per share. Nov. 28 Purchased 2,620 shares of treasury stock for $75,000. Journalize the transactions.

Alamar petroleum company offers its employees the option of contributing retirement funds up to 5% of their wages or salaries, with the contribution being matched by alamar. the company also pays 80% of medical and life insurance premiums. deductions relating to these plans and other payroll information for the first biweekly payroll period of february are listed as follows: wages and salaries $ 2,800,000 employee contribution to voluntary retirement plan 92,000 medical insurance premiums 50,000 life insurance premiums 9,800 federal income taxes to be withheld 480,000 local income taxes to be withheld 61,000 payroll taxes: federal unemployment tax rate 0.60 % state unemployment tax rate (after futa deduction) 5.40 % social security tax rate 6.20 % medicare tax rate 1.45 % required: prepare the appropriate journal entries to record salaries and wages expense and payroll tax expense for the biweekly pay period. assume that no employee's cumulative wages exceed the relevant wage bases for social security, and that all employees' cumulative wages do exceed the relevant unemployment wage bases.