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Below are selected transactions of Blackbird Ltd, a public company, for Year 4: 1. On January 1, Year 4, the company sold $500,000 of products, all of which carried a two-year warranty (included in the price). If the two-year warranty was sold separately, it was estimated that 4% of the selling price represented the warranty portion. Actual warranty costs were $4,200 in Year 4. 40% of the revenue would be eamed in the first year and the balance being recognized in the second year. The company uses service-type warranty (revenue-based). The company charges 5% GST on 100% of the full price at the date of the transaction. On May 10, the company purchased goods from Jay Corp. for $60,000, terms 2/15, net 30. Blackbird uses the periodic inventory system. The invoice was paid on May 22. 3. On June 1, the company purchased equipment for $180,000 from Seagull Ltd., paying $60,000 in cash and issuing a one-year, 8% note for the balance. RE On October 1, the company borrowed money from the Second National Bank by signing a one year, zero-interest-bearing note for $180,000. The market rate for a similar note is 8%. 5. On November 1, Blackbird purchased new furniture for $10,000 on account. Provincial sales tax of 7% and GST of 5% were charged by the supplier on the purchase price. The furniture has a useful life of 10 years and the company uses straight-line depreciation. Instructions: a. Prepare the journal entries necessary to record the transactions above using appropriate dates. (10 marks) b. Prepare the adjusting entries necessary at year end, December 31, Year 4 related to the above transactions. Round to the nearest dollar. (6 marks) Show ALL calculations and write out account names fully for ANY marks Below are selected transactions of Blackbird Ltd, a public company, for Year 4: 1. On January 1, Year 4, the company sold $500,000 of products, all of which carried a two-year warranty (included in the price). If the two-year warranty was sold separately, it was estimated that 4% of the selling price represented the warranty portion. Actual warranty costs were $4,200 in Year 4. 40% of the revenue would be eamed in the first year and the balance being recognized in the second year. The company uses service-type warranty (revenue-based). The company charges 5% GST on 100% of the full price at the date of the transaction. On May 10, the company purchased goods from Jay Corp. for $60,000, terms 2/15, net 30. Blackbird uses the periodic inventory system. The invoice was paid on May 22. 3. On June 1, the company purchased equipment for $180,000 from Seagull Ltd., paying $60,000 in cash and issuing a one-year, 8% note for the balance. RE On October 1, the company borrowed money from the Second National Bank by signing a one year, zero-interest-bearing note for $180,000. The market rate for a similar note is 8%. 5. On November 1, Blackbird purchased new furniture for $10,000 on account. Provincial sales tax of 7% and GST of 5% were charged by the supplier on the purchase price. The furniture has a useful life of 10 years and the company uses straight-line depreciation. Instructions: a. Prepare the journal entries necessary to record the transactions above using appropriate dates. (10 marks) b. Prepare the adjusting entries necessary at year end, December 31, Year 4 related to the above transactions. Round to the nearest dollar. (6 marks) Show ALL calculations and write out account names fully for ANY marks