B$.$ Koi Inc., a Manitoba$-$based retail business, began operations on February $1,2024.$ During February, Koi purchased a company vehicle for $$50,000$ cash and $$60,000$ of inventory for resale on account.

In February, Koi also sold $1/3\%($i$.$e$.,$ one third$)$ of its inventory for $$40,000.$

As a Manitoba company, all of Koi$$s purchases and sales were subject to $5\%$ GST$.$ Koi is required to file a GST return with the Canada Revenue Agency quarterly. Koi$$s first GST return covering the period from February $1$ to April $30$ will be due on May $31$st$.$

Koi is also registered as a vendor under Manitoba$$s Retail Sales Tax $($RST$),$ which requires Koi to charge $7\%$ on the selling price $($not including GST$)$ of all its sales, and remit the RST collected to the Manitoba government the following month. Koi also must pay Manitoba RST on all its purchases, except those that are exempt from the tax. The inventory purchased for resale was exempt from Manitoba Retail Sales Tax.

Koi uses a perpetual inventory costing system.

Required:

i$.$ Prepare the journal entries to record the February transactions.

ii$.$ How much GST is owed$/$owing $($refund$)$ for February?

iii. How much Manitoba Retail Sales Tax is owed for February.