Cintu is a large marketer and distributor of food service products serving restaurants, hotels, schools, hospitals, and other institutions. The following transactions are typical of those that occurred in a recent year, but the amounts are simplified. a. Borrowed $107,000 from a bank, signing a short-term note payable. b. Provided $109,600 in service to customers, with $104,600 on account and the rest received in cash. c. Purchased equipment for $159,000 in cash. d. Incurred and paid employee wages of $2,000. e. Received $905 on account from a customer. f. Incurred and paid $5,600 cash for travel costs during the year. g. Paid $7,600 cash on accounts payable. h. Incurred $31,200 in utility expenses during the year, of which $24,800 was paid in cash and the rest owed on account. Required: 1. For each of the above transactions, prepare accrual basis journal entries. 2. Calculate the company's preliminary net income.