During $2022,$ the following transactions occurred. Skysong uses a perpetual inventory system.

Skysong paid $$6,500$ interest on the bonds on January $1,2022.$

Skysong purchased $$626,860$ of inventory on account.

Skysong sold for $$1,248,000$ cash inventory which cost $$686,400.$ Skysong also collected $$74,880$ sales taxes.

Skysong paid $$598,000$ on accounts payable.

Skysong paid $$6,500$ interest on the bonds on July $1,2022.$

The prepaid insurance $($$$14,560)$ expired on July $31.$

On August $1,$ Skysong paid $$26,520$ for insurance covera from August $1,2022,$ through July $31,2023.$

Skysong paid $$44,200$ sales taxes to the state.

Paid other operating expenses, $$236,600.$

Redeemed the bonds on December $31,2022,$ by paying $$124,800$ plus $$6,500$ interest.

Issued $$234,000$ of $8\%$ bonds on December $31,2022,$ at $103.$ The bonds pay interest every June $30$ and December $31.$

Adjustment data:

Recorded the insurance expired from item $7.$

The equipment was acquired on December $31,2021,$ and will be depreciated on a straight$-$line basis over $5$ years with a $$7,900$ salvage value.

The income tax rate is $30\%.($Hint: Prepare the income statement up to income before taxes and multiply by $30\%$ to compute the amount.$)$

$($a$)$

Prepare journal entries for the transactions listed above and adjusting entries. $($Credit account titles are automatically indented when amount is entered. Do not indent manually. Round answers to $0$ decimal places, e$.$g$.5,275.)$