>> Jim had arranged a special deal with one of his best customers (BCL) on October 1, 2016. The deal allowed the customer to purchase $22,000 (cost) of inventory for a price of $35,000. The \"special\" part of the deal was that BCL would not have to make any payments on the $35,000 outstanding amount for the goods until October 1, 2020. In addition, BCL would only be charged 2% interest on the amount outstanding to be paid each year on October 1. BCL was quite pleased with this deal because it has a bit of a cash ow problem, so BCL's bank charges it prime plus 3% (8% annually) instead of the 6% charged to PHL. Joan recorded the sale of $35,000 and the cost of goods sold of $22,000 in October 2016, but was unsure if other entries were needed. >> PHL pays tax at a 25% tax rate, and Joan had told Jim that based on her discussions with the auditors, \"once again there are no permanent differences, so under ASPE taxes are pretty simple to calculate.\" Joan left before estimating the tax expense for scal 201612. However, she sent a cheque to the Canada Revenue Agency for $20,000 on March 15, 201 2, because that was the tax expense from scal 201516, and so it was her best guess as to how much PHL will owe in taxes for scal 201617. However, she did not record the $20,000 payment before she left. >> When Joan provided Jim with the preliminary trial balance (Exhibit D, she included a few questions for the auditors at the bottom of the trial balance. You hope to be able to impress Jim by also dealing with these questions before the auditors arrive