Franco Ltd, a company that sells a snowboard and uses a periodic inventory system, made snowboard purchases of $13,200 (including GST) and snowboard sales of $17,050 (including GST) in the quarter ending 30 June 2021. All the purchases and sales were cash purchases and sales and were subject to GST. Franco Ltd does NOT use a GST clearing account. GST rate is 10%. Required: 1) Prepare journal entries to record the purchases and sales of snowboards. (3 marks) 2) Explain why GST is also referred to as value added tax. (1 mark) 3) For most goods and services (GST taxable supplies), is GST is a business consumption tax? Explain your answer. (1.5 mark)