nformation The following information applies to the questions displayed below.) The following transactions apply to Park Company for Year 1: 1. Received $50,000 cash from the issue of common stock 2. Purchased inventory on account for $180,000 3. Sold inventory for $250,000 cash that had cost $140,000. Sales tax was collected at the rate of 5 percent on the Inventory sold 4. Borrowed $50,000 from First State Bank on March 1, Year 1. The note had a 7 percent interest rate and a one-year term to maturity 5. Paid the accounts payable (see transaction 2). 6. Paid the sales tax due on $190,000 of sales. Sales tax on the other $60,000 is not due until after the end of the year. 7. Salaries for the year for one employee amounted to $46,000. Assume the Social Security tax rate is 6 percent and the Medicare tax rate is 15 percent. Federal income tax withheld was $5,300. 8. Paid $5,800 for warranty repairs during the year. 9. Pald $36,000 of other operating expenses during the year 10. Paid a dividend of $2,000 to the shareholders. Adjustments: 11. The products sold in transaction 3 were warranted. Pork estimated that the warranty cost would be 3 percent of sales. 12. Record the accrued interest at December 31. Year 1. 13. Record the accrued payroll tax at December 31, Year 1. Assume no payroll taxes have been paid for the year and that the unemployment tax rate is 6 percent (federal unemployment tax rate is 0.6 percent and the state unemployment tax rate is 5.4 percent on the first $7,000 of earnings per employee) Journal entry worksheet B C D E F G H N Received $50,000 cash from the issue of common stock. Record the transaction. Note: Enter debits before credits. General Journal Debit Credit Event 01 Record entry Clear entry View general journal Journal entry worksheet A C D E F G H N > Purchased inventory on account for $180,000. Record the transaction. Note: Enter debits before credits. Event General Journal Debit Credit 02 Record entry Clear entry View general journal Required: a. Record the preceding transactions in general Journal form. (If no entry is reguited for a transaction/event, select "No journal entry required" in the first account field. Round your final answres to the nearest dollar.) View transaction list Journal entry worksheet