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1. Lee Financial Services pays employees monthly. Payroll information is listed below for January 2011, the first month of Lee's fiscal year. Assume that none of the employees exceeded any relevant wage base.
Required:
Prepare the appropriate journal entries to record salaries and wages expense and payroll tax expense for the January 2011 pay period.
If an individual taxpayer acquires a mortgage to buy his principle residence and then, several years later, refinances that mortgage with a new mortgage, the interest on that new mortgage is:
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