04 (13 marks) Part A. (5 Marks): During the first quarter of 2021, Hi-Q Tire sold on credit, 2,000 truck tires at $85 each plus harmonized sales tax (HST) of 13%. The HST is paid to the federal government. Required: Prepare the following journal entries a) On March 31, to record the sale of truck tires in the first quarter b) On April 30, to record payment of first quarter sales taxes to the government Account Credit a) I Debit b b) Part B. (8 Marks): On January 1, 2021 Milan Corp, issued a five-year $1,000,000, 7% bond at $1,050,000. Interest is paid annually on December 31. The market rate of interest is 6% Required: a) Prepare the journal entry to record the issuance of the bond at January 1, 2021. (3 Marks) b) Using the effective interest rate method, prepare the journal entry to recognize the interest expense at December 31, 2021. (3 Marks) Debit Credit a) Account b) c) What is the carrying value of the bood at December 31, 2021 and January 1, 2026 (the maturity date) (2 Maris) December 31, 2021 carrying values January 1, 2026 carrying values