Listed below are selected transactions of Schultz Department Store for the current year ending December 31. (1) On December 5, the store received a deposit from the Selig Players to be returned after certain furniture to be used in stage production was retuned on January 15 600 Dunng December, cash sales were received, which include the 8625% sales tax that must be remitted to the state by the fifteenth day of the following month (2) 798,000 (3) 120,000 On December 10, the store purchased for cash three delivery trucks for $40,000 each. The trucks were subject subiect to an 8625% sales tax which was added to the price and paid to the dealer The store determined the cost to restore the area surrounding one of its store parking lots, when the store is closed in 3 years. The restoration is100,000 considered a land improvement (4) Fair value of the restoration obligation at December 31 (To determine Fair value, use a discount rate of 8% for 3 years) Instructions: Prepare all the journal entries necessary to record the transactions noted above as they occurred and any adjusting entries relative to the transactions that would be required to present fair financial statements at December 31. For simplicity, assume that adjusting joumal entries are recorded only once a year on December 31. ROUND TO NEARESTS