BP opened to the public on October 1st, and the year end is December 31st.

Below are the transactions recorded so far.

i. BP was incorporated on July 1st, 2018. Francine invested $100000 cash for 1,000 common shares.

ii. Francines father invested $50000 cash for 500 common shares.

iii. The Frank Bank provided a loan of $500000 on July 1st. The loan is not repayable until 2026 but the interest is payable every June 3oth at a rate of 4%.

iv. BP purchased land for $100000 and a building for $200000 on July 1st. The building is being depreciated over 20 years. Take a full year of depreciation for the first year.

v. Annual liability insurance was purchased for $3000 covering the period September 1 to August 31 annually. The entire amount was paid on September 1st with cash.

vi. Admission revenues for the year amounted to $240000. 10% of this amount was still owed to BP at year end.

vii. Salaries were paid to employees. This amount totaled $62000.

viii. Inventory purchases [for souvenir sales] for the period totaled $180000 with 50% of this amount still owing at year end.

ix. Souvenir sales were $101000 and were all cash. The cost of the souvenir sales was $60000.

x. BP paid $5000 for advertising for the year.

xi. BP paid $12500 for utilities for the year.

Required

a. Prepare Journal entries for all the transactions (show your calculations if there are any)