Described below are certain transactions of Waterway Corporation. The company uses the periodic inventory system.

1.		On February 2, the corporation purchased goods from Martin Company for $76,000 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 $46,000 from General Motors Company, paying $4,000 in cash and signing a one-year, 12% note for the balance of the purchase price.
3.		On May 1, the corporation borrowed $79,800 from Chicago National Bank by signing an $89,160 zero-interest-bearing note due one year from May 1.
4.		On August 1, the board of directors declared a $281,300 cash dividend that was payable on September 10 to stockholders of record on August 31.