On May $1,$ RDSL borrowed $$75,000$ from First Provincial Bank by signing a $$80,100$ non$-$interest$-$bearing note due one

year from May $1.$

On June $30$ and December $31,$ RDSL remitted cheques for $$18,800$ each as instalments on its current year tax liability.

On August $14,$ RDSL$\text{'}$s board of directors declared a $$13,000$ cash dividend that was payable on September $10$ to

shareholders of record on August $31.$

On December $5,$ RDSL received $$1,400$ from Jefferson Ltd$.$ as a deposit on a trailer that Jefferson is using for an office move.

The deposit is to be returned to Jefferson after it returns the trailer in good condition on January $15.($Hint: Use the account

Refund Liability.$)$

On December $10,$ RDSL purchased new furniture and fixtures for $$10,000$ on account. Provincial sales tax of $7\%$ and GST of

$5\%$ were charged by the supplier on the purchase price.

During December, cash sales of $$83,000$ were recorded, plus $7\%$ provincial sales tax and $5\%$ GST that must be remitted by

the $15$th day of the following month. Both taxes are levied on the sale amount to the customer. Ignore any cost of goods sold.

RDSL$\text{'}$s lease for its store premises calls for a $$3,600$ monthly rental payment plus $3\%$ of net sales. The payment is due one

week after month end.

RDSL was advised during the month of December that it is legally required to restore the area $($considered a land

improvement$)$ surrounding one of its new store parking lots, when the store is closed in $12$ years. RDSL estimates that the

fair value of this obligation at December $31$ is $$94,000.$

The corporate tax return indicated taxable income of $$204,800.$ RDSL$\text{'}$s income tax rate is $20\%.$