Described below are certain transactions of Concord Corporation. The company uses the periodic inventory system. 1. On February 2, the corporation purchased goods from Martin Company for $64,600 subject to cash discount terms of 2/10, n/30. Purchases and accounts payable are recorded by the corporation at net amounts after cash discounts. The invoice was paid on February 26. 2. On April 1, the corporation bought a truck for $54,000 from General Motors Company, paying $2,000 in cash and signing a one-year, 12% note for the balance of the purchase price. 3. On May 1, the corporation borrowed $79,900 from Chicago National Bank by signing a $88,780 zero-interest-bearing note due one year from May 1. 4. On August 1, the board of directors declared a $305,500 cash dividend that was payable on September 10 to stockholders of record on August 31