Prepare journal entries for the following chronological transactions related to current liabilities which took place in 2020. a. b. c. d. e. f. Purchased $150,000 of merchandise on account, terms 2/10, n/30. Assume a perpetual inventory system. Paid off $60,000 of the accounts in part a. within the discount period. Sold products for $300,000 on account. The products cost $120,000. The products come with a 12 month warranty. Declared a $25,000 cash dividend. Recorded $70,000 of wages earned by employees including $10,000 of withholding taxes and $4,000 of social security taxes. Bought a piece of equipment for $65,000 on November 1 and issued a 5 year, 8% note as payment. Payments of principal and interest must be made annually on October 31 each year. Performed $985 of repairs on products under warranty. December 31, adjusting entries 1. Accrued wages of $847. Do not accrue additional payroll taxes. 2. Accrued interest on the note in part f. 3. Estimated that additional repairs of $1,450 will be performed on products under warranty. Estimated that the company will owe $97,438 of income taxes for the h. 4. year