Habitant Corporation has a year end of December 31. On January 1st, 2021, the balances in their accounts were as follows: Cr. Dr. 150,000 62 500 100,000 80,000 12 500 50.000 29,520 Accounts Cash Accounts receivable Short term investments Inventory Prepaid rent Truck Accumuluated depreciation - Truck Land Building Accumulated depreciation - Building Accounts payable Wages payable Bank loan Bonds Bond discount Common shares Preferred shares Retained earnings Total 355,000 550,000 105,000 175.000 200,000 92 561 7,439 100,000 50.000 615,358 $1,367,439 $1,367,439 The following transactions relate to the year ended December 31, 2021 A. The corporation generated sales during the year of $525,000. $250,000 were cash sales and the remainder were on account. The company uses the percentage of credit sales method to estimate allowance for doubtful accounts and expects 5% to be uncollectible. B. The beginning inventory was 100 units at a cost of $80,000. The company purchased 650 additional units of inventory prior to making any sales. 100 units were purchased first at $900 per unit followed by 550 units at $1,000 per unit. All purchases were made on credit with $400,000 of those purchases remaining unpaid at year-end. The company sold 450 units during the year and uses the FIFO method of inventory. C. Habitant prepays its rent for 12 months on the 1st of July each year. The annual rent is $25,000 D. Habitant was getting low on cash so it borrowed an additional $100,000 from the bank on September 1st. Both loans carry an interest rate of 6%, there were no principal repayments during the year and interest is paid on December 31. E. Habitant paid their employees $51,000 in salaries from January 1st to the final week of the year. The company's weekly pay is $1,000 per week. The final week of the year has 4 of 5 working days within the fiscal year. Required: Record the necessary transactions related to the fiscal year ended December 31, 2021, using Journal Entries. Please show all calculations and state assumptions when necessary