Greek Peak is a ski resort in upstate New York. The company sells lift tickets, ski lessons, and ski equipment. It operates several restaurants and rents townhouses to vacationing skiers. The following hypothetical December transactions are typical of those that occur at the resort.

a$.$ Borrowed $$500,000$ from the bank on December $1,$ signing a note payable, due in six months.

b$.$ Purchased a new snowplow for $$20,000$ cash on December $31.$

c$.$ Purchased ski supplies for $$10,000$ on account.

d$.$ Incurred $$22,000$ in routine maintenance expenses for the chairlifts; paid cash.

e$.$ Received $$72,000$ for season passes $($beginning in the new year$).$

f$.$ Daily lift passes were sold this month for a total of $$76,000$ cash.

g$.$ Received a $$320$ deposit on a townhouse to be rented for five days in January.

h$.$ Paid half the charges incurred on account in $($c$).$

i$.$ Incurred and paid $$18,000$ in wages to employees for the month of December.

Required:

Prepare accrual basis journal entries for each transaction.

Calculate the company's preliminary net income.

Complete this question by entering your answers in the tabs below.

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Prepare accrual basis journal entries for each transaction. $($If no entry is required for a transaction$/$event$,$ select $"$No Journ Required" in the first account field.$)$

Journal entry worksheet

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Borrowed $$500,000$ from the bank on December $1,$ signing a note payable, due in six months. Record the transaction.

Note: Enter debits before credits.

$\backslash$table$[[$Transaction$,$General Journal,Debit,Credit

What is the preliminary net income?