P11-31B The following transactions of Pan-American Paper Company occurred during 2006 and 2007. 2006 Feb. 3 Purchased equipment for $40,000, signing a six-month, 9% note payable. Recorded the week's sales of $60,000, one-third for cash, and two-thirds on credit. All sales amounts are subject to a 5% sales tax. 28 Mar. 7 Sent last week's sales tax to the stat