2. The following selected transactions relate to the liabilities of Quincy Corporation for December 2024. Quincy's fiscal year ends on December 31. December 15 During December Received $20,000 from Chadwick toward the purchase of $100,000 of equipment to be delivered on January 6, 2025. Engineers notified management of a circuit flaw in audio equipment that Quincy had sold. The circuit flaw poses a potential fire hazard. An intensive investigation indicated that a product recall is virtually certain, estimated to cost the company $3 million. During December Credit sales totaled $1,000,000. The state sales tax rate is 4%, and the local sales tax rate is 3%. Required: Prepare the appropriate journal entries for these transactions in 2024