Grossman Products began operations in 2013. The following selected transactions occurredfrom September 2013 through March 2014. Grossman's fiscal year ends on December 31.2013:(a.) On September 5, Grossman opened a checking account and negotiated a short-term line ofcredit of up to $10,000,000 at 10% interest. The company is not required to pay anycommitment fees.(b.) On October 1, Grossman borrowed $8,000,000 cash and issued a 5-month promissory notewith 10% interest payable at maturity.(c.) Grossman received $3,000 of refundable deposits in December for reusable containers.(d.) For the September through December period, sales totaled $5,000,000. The state sales taxrate is 4% and 75% of sales are subject to sales tax.(e.) Grossman recorded accrued interest.2014:(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 bereturned over the next 6 months.Required:1. Prepare the appropriate journal entries for the 2013 transactions.2. Prepare the liability section of the balance sheet at December 31, 2013, based on the datasupplied.3. Prepare the appropriate journal entries for the 2014 transactions.