On January 1, 2021, the general ledger of Freedom Fireworks includes the following account balances:

Accounts	Debit				Credit
Cash	$	101,500
Accounts Receivable		34,600
Inventory		152,300
Land		70,300
Buildings		123,000
Allowance for Uncollectible Accounts					$	2,100
Accumulated Depreciation						9,900
Accounts Payable						21,000
Bonds Payable						123,000
Discount on Bonds Payable		30,300
Common Stock						203,000
Retained Earnings						153,000
Totals	$	512,000			$	512,000

During January 2021, the following transactions occurred:

January		1		Borrowed $103,000 from Captive Credit Corporation. The installment note bears interest at 6% annually and matures in 5 years. Payments of $1,991.28 are required at the end of each month for 60 months.
January		1		Called the bonds at the contractual call price of $103,000. The 5% bonds pay interest semiannually each June 30 and December 31.
January		4		Received $31,300 from customers on accounts receivable.
January		10		Paid cash on accounts payable, $14,000.
January		15		Paid cash for salaries, $29,200.
January		30		Firework sales for the month totaled $195,600. Sales included $65,300 for cash and $130,300 on account. The cost of the units sold was $114,000.
January		31		Paid the first monthly installment of $1,991 related to the $103,000 borrowed on January 1. Round your interest calculation to the nearest dollar.

The following information is available on January 31, 2021.

1. Depreciation on the building for the month of January is calculated using the straight-line method. At the time the building was purchased, the company estimated a service life of 10 years and a residual value of $24,600.
2. At the end of January, $3,300 of accounts receivable are past due, and the company estimates that 50% of these accounts will not be collected. Of the remaining accounts receivable, the company estimates that 2% will not be collected. No accounts were written off as uncollectible in January.
3. Unpaid salaries at the end of January are $26,400.
4. Accrued income taxes at the end of January are $5,300.

Prepare the journal entries for transactions. (If no entry is required for a particular transaction/event, select "No journal entry required" in the first account field.)

1.)Borrowed $103,000 from Captive Credit Corporation. The installment note bears interest at 6% annually and matures in 5 years. Payments of $1,991 are required at the end of each month for 60 months.

2.) Called the bonds at the contractual call price of $103,000. The 5% bonds pay interest semiannually each June 30 and December 31.