Workers' Compensation Insurance and Adjustment Specialty Manufacturing estimated that its total payroll for the coming year would be $447,500. The workers' compensation insurance premium rate is 0.2%. Required: 1.  Calculate the estimated workers' compensation insurance premium.$ Prepare the journal entry for the payment as of January 2, 20--. Page:     DATE ACCOUNT TITLE DOC. NO. POST. REF. DEBIT CREDIT   1 20--Jan. 2           1 2             2 3             3 2.  Assume that Specialty Manufacturing's actual payroll for the year is $452,500.00. Calculate the total insurance premium owed.$ Prepare a journal entry as of December 31, 20--, to record the adjustment for the underpayment. The actual payment of the additional premium will take place in January of the next year. Page:     DATE ACCOUNT TITLE DOC. NO. POST. REF. DEBIT CREDIT   1 20--Dec. 31           1 2             2 3             3

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