LC Co. estimates that its total payroll for the year will be $260,000. LC’s workers’ compensation insurance premium rate is 0.22%. Calculate LC’s estimated workers’ compensation insurance premium and...

LC Co. estimates that its total payroll for the year will be $260,000. LC’s workers’ compensation insurance premium rate is 0.22%. Calculate LC’s estimated workers’ compensation insurance premium and prepare the journal entry for the payment of this amount.