Grossman Products began operations in $2021.$ The following selected transactions occurred from September $2021$ through March $2022.$ Grossman's fiscal year ends on December $31.$

$2021$:

$($a$.)$ On September $5,$ Grossman opened a checking account and negotiated a short$-$term line of credit of up to $$9,000,000$ at $10\%$ interest. The company is not required to pay any commitment fees.

$($b$.)$ On October $1,$ Grossman borrowed $$7,000,000$ cash and issued a $5-$month promissory note with $8\%$ interest payable at maturity.

$($c$.)$ Grossman received $$2,000$ of refundable deposits in December for reusable containers.

$($d$.)$ For the September through December period, sales on account totaled $$4,000,000.$ The state sales tax rate is $4\%$ and $80\%$ of sales are subject to sales tax.

$($e$.)$ Grossman recorded accrued interest.

$2022$:

$($f$.)$ Grossman paid the promissory note on the March $1$ due date.

$($g$.)$ Half of the storage containers are returned in March, with the other half expected to be returned over the next $6$ months.

Required:

$1.$ Prepare the appropriate journal entries for the $2021$ transactions.

$2.$ Prepare the liability section of the balance sheet at December $31,2021,$ based on the data supplied.

$3.$ Prepare the appropriate journal entries for the events occurring in March of $2022.$