Listed below are a few transactions and events of Yacht Company. 1. Yacht Company records an adjusting entry for $2,000,000 of previously unrecorded cash sales (costing $1,000,000) and its sales taxes at a rate of 5%. 2. The company earned $40,000 of $100,000 previously received in advance for services. Prepare any necessary adjusting entries at December 31, 2011, for Yacht Company