Pikes Peak is a ski resort in upstate New York. The company sells lift tickets, ski lessons, and ski equipment If operates several restaurants and rents townhouses to vacationing skiers. The following hypothetical December transactions are typical of those that occur at the resort. a. Borrowed $680,000 from the bank on December 1 , signing a note payable, due in six months b. Purchased a new snowplow for $31,500 cash on December 31 c. Purchased ski supplies for $17,600 on account. d. Incurred $28,400 in routine maintenance expenses for the chairlifts, paid cash. e. Recelved $77,500 for season passes (beginning in the new year). f Dally lift passes were sold this month for a total of $87,000 cash. 9. Received a $525 deposit on a townhouse to be rented for five days in January h. Paid half the charges incurred on account in (c). L. Incurred and paid $24,900 in wages to employees for the month of December Required: 1. Prepare occrual basis journal entries for each transaction. 2. Calculate the company's preliminary net income