COVID Co. began operations in 2021. The following selected transactions occurred from September 2021 through March 2022 COVID's fiscal year ends on December 31. 2021: (a.) On September 5, COVID opened a checking account and negotiated a short-term line of credit of up to $10,000,000 at 10% interest. The company is not required to pay any commitment fees. (b.) On October 1, COVID borrowed $8,000,000 cash and issued a 5-month promissory note with 10% interest payable at maturity. (c.) COVID received $3,000 of refundable deposits in December for reusable containers (use Liability-refundable deposits account). (d.) For the September through December period, sales on account totaled $5,000,000. The state sales tax rate is 4% and 75% of sales are subject to sales tax. (e.) COVID recorded accrued interest. 2022: (f.) COVID paid the promissory note on the March 1 due date. (g.) Half of the storage containers are returned in March, with the other half expected to be returned over the next 6 months Required: 1. Prepare the appropriate journal entries for the 2021 transactions. 2. Prepare the liability section of the balance sheet at December 31, 2021, based on the data supplied. 3. Prepare the appropriate journal entries for the events occurring in March of 2022.