{The following information applies to the questions displayed below.j The followlng transactlons apply to Park Co. for 2016: Recelved S50,OOO cash from the Issue of common stock. Purchased Inventory on account for $180,000 2 3 Sold Inventory for $250,000 cash that had cost S140,OOO. Sales tax was collected at the rate of 5 percent on the Inventory sold 4. Borrowed $50,000 from First State Bank on March 1, 2016 The note had a 7 percent Interest rate and a one-year term to maturlty_ 5 Pold the accounts payable (see transectlon 2)_ Pold the sales tax due on Slgo,ooo of sales Sales lax on the other $60,000 Is not due Lintll after The 6 end of the year. 7 Salaries for the year for the one employee amounted to $46,000 Assume the SoCal Securlty tax rate Is 6 percent end the Medicare tax rate Is 1.5 percent Federal Income tax withheld was $5,300. 8 Pold S5.800 for warranty repairs durlng the year. g Pold S36,OOO of offer operatlng expenses durlng the year 10 Pold a dlvldend of $2,000 to the shareholders Adjustm ents: 11 The products sold In transactlon 3 were warranted Park estlmated that the warranty cost would be 3 percent of sales 12 Record the accrued Interest at December 31, 2016 13 Record the accrued payroll tax at December 31, 2016 Assume no payroll taxes have been pald for the year. Do NOT record any federal or state unemployment tax expense or llablllty!