Kirkland Ltd. (KIRKLAND) is a commercial distributor of plant-based meat substitutes to grocery stores and chains in Canada. KIRKLAND management team have successfully grown the operation to the point where they are able to distribute their products internationally. KIRKLAND had the following transactions in the month of September: Date: Sept. 1 KIRKLAND borrowed $20,000 from the bank. The interest rate on the loan is 3% per year, and the terms of the loan state that the loan is to be repaid at the end of each month in the amount of $1,500 per month plus interest. 1 KIRKLAND renewed the annual insurance policy covering its warehouse and paid the premium for the 12-month policy in the amount of $3,300. The term of the policy is from September 1 to August 31 of the following year. 4 The company purchased inventory at a cost of $36,000 from a producer on account. 10 KIRKLAND recorded its sales for the first 10 days of the month. Total sales (half in cash and half on account) amounted to $22,200, and the inventory related to these sales was determined to have a cost of $15,600. Paid $5,000 to suppliers who had previously sold KIRKLAND inventory on 19 account. 27 29 Paid employee wages in the amount of $5,100. KIRKLAND accepted a payment of $5,000 from a local independent grocer who placed an order for 500 kg of plant-based sausages to be delivered in mid-October for an Oktoberfest promotion. 30 30 30 loan. 30 KIRKLAND made the necessary month-end entry related to the insurance policy. KIRKLAND made the necessary month-end entry related to record the bank KIRKLAND made the necessary month-end entry related to depreciation of a machinery purchased at a cost of $60,000 (Useful life =10years, no residual value) and amortized using the straight-line method. Required: Prepare journal entries for the month of September.