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he Tusquittee Company completed the following transactions during the last quarter of 2018, its first year of operations: Oct. 1 Issued 25,000 shares of S1 par value common stock for cash of $10 per share. Issued a $200 ,000 10-year, 8% mortgage payable for land with an existing store building. Mortgage payments of $2,425 are due on the first day of each month, beginning November 1. The assets had the following market values: Land, $40,000; Building, $160,000. Issued aone-year, 10% note payable for $10,000 for store fixtures. The principal and interest 1 are due October 1, 2019. 3 15 31 Purchased merchandise inventory on account from Top Rate for $125,000, terms n/30. Paid $160 for utilities. Recorded cash sales for the month of $185,000 plus sales tax of 6%. The cost of the goods sold was $110,000 and estimated warranty payable was 8%. 31 Recorded October payroll and paid employees. 31 Accrued employer payroll taxes for October Nov. 1 3 10 12 15 15 16 17 Paid the first mortgage payment. Paid Top Rate for the merchandise inventory purchased on October 3. Purchased merchandise inventory on account from Top Rate for $150,000, terms n/30. Purchased 500 shares of treasury stock for $15 per share. Paid all liabilities associated with the October 31 payroll. Remitted (paid) sales tax from October sales to the state of North Carolina. Paid $6,000 to satisfy warranty claims. Declared cash dividends of $1 per outstanding share of common stock. Paid $245 for utilities. 18