Journal entries only please! THANKS

Exercise 9-8B Current liabilities The following transactions apply to Farmer's Equipment Sales Corp. for 2016: 1. The business was started when Farmer's received $60,000 from the issue of common stock. 2. Purchased $160,000 of merchandise on account. 3. Sold merchandise for $220,000 cash (not including sales tax), Sales tax of 8 percent is col- lected when the merchandise is sold. The merchandise had a cost of $140,000