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:

1. (a.) On September 5, Grossman opened a checking account and negotiated a short-term line of credit of up to $10,200,000 at 10% interest. The company is not required to pay any commitment fees.
2. (b.) On October 1, Grossman borrowed $8,200,000 cash and issued a 5-month promissory note with 8% interest payable at maturity.
3. (c.) Grossman received $3,200 of refundable deposits in December for reusable containers.
4. (d.) For the September through December period, sales on account totaled $5,200,000. The state sales tax rate is 4% and 80% of sales are subject to sales tax.
5. (e.) Grossman recorded accrued interest.

2022:

1. (f.) Grossman paid the promissory note on the March 1 due date.
2. (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.