"economists warn of an economic downturn. investments and lending have risen as prices have skyrocketed. unemployment is up as businesses move up to reduce
costs. the fed considers lowering discount rates and reserve requirements to increase monetary circulation." this text appears on the economics page of the local newspaper. one of the sentences is incorrect. which corrected sentence would make the passage accurate?

On january 15, the end of the first biweekly pay period of the year, north company’s payroll register showed that its employees earned $32,000 of sales salaries. withholdings from the employees’ salaries include fica social security taxes at the rate of 6.2%, fica medicare taxes at the rate of 1.45%, $3,000 of federal income taxes, $772 of medical insurance deductions, and $260 of union dues. no employee earned > $7,000 in this first period. prepare the journal entry to record north company’s january 15 (employee) payroll expenses and liabilities.