Prepare journal entries to record the following transactions of Salem Sales Co. during the current year: Mar 1 Mar 12 June 5 Aug 23 Sept 12 Oct 5 Purchased a truck for $60,000 with a 6 year useful life and a $10,000 residual value. Salem also paid 7% provincial sales tax, a $500 annual truck license, $4,000 to paint the truck and $2,300 for spare parts. All payments were in cash. Purchased a garage from a neighbouring business with a $60,000 note payable. The seller's book value for the garage was $57,000 and the garage was appraised at $68,000. The estimated useful life is 12 years. Salem also paid a $4,000 cash for real estate commission. Paid $750 to replace garage windows broken during a hail storm. Purchase used office equipment for $13,500 plus provincial sales tax of $945 terms 2/10, n 30 from Great West Office Supplies. As well, Salem paid freight of $300 and reconditioning cost of $850 on credit. Estimated useful life of 4 years and a residual value of $1,000. Paid for office equipment purchased on August 23'd. Purchased store equipment for $28,000 plus $1,960 in provincial sales tax. As well, Salem paid $1,750 for repairs incurred from an accident during installation. $5,200 for a special base for the equipment and $3,700 of supplies to be used for regular preventive maintenance. Estimated useful life is 9 years and residual value is $1,300.