P 9-1 Latex Paint Corporation started operations on January 1, 2018. It had the following transactions during the year. a. Jan 1 Issued $20,000 share capital to the shareholders in return for cash. b. Jan 1 Obtained a bank loan totalling $30,000. The interest rate is 4%. The loan will be repaid in one year. c. Jan. 2 Purchased merchandize on account from a supplier for $20,000 plus GST (5%). d. Jan. 8 Sold $8,000 of paint to a customer on credit and added GST. Cost of the pain sold was $3,000. Latex uses the perpetual inventory method. e. Jan 15 Paid an employee J. Jones $1,560 cash for January 1-15 salary, calculated as follows: Deductions taxes 300 Gross Income Employ. Gov't Total pay 2,000 Net insur. pension deduct. pay 40 100 440 1,560 CHAPTER NINE/Debt Financing: Current and Non-current Liabilities The company's portion of contributions is: Employment insurance Government pension 1.4 times 1 time f. Unrecorded liabilities at January 31 include: i. Salaries payable to J. Jones for January 16-31, amounting to $1,560 (net). Employer contributions are as shown in e. above. ii. Corporate income taxes amounting to 20% of income before income taxes. Required: 1. Prepare journal entries to record the above transactions. Show necessary calculations. 2. Prepare all adjusting entries needed at January 31, 2018. Show necessary calculations. 3. Calculate total current liabilities at January 31, 2018. Descriptions and general ledger account numbers are not necessary.