Prepare the Journal Entries for 2022: IKG Solutions Inc. retrofits and sells farm equipment and sorting systems for businesses in Holland Marsh, Ontario. The company offers a 60-day, Il equipment and labour warranty - and an extra 90-day, parts-only warranty - on all of its products. Information on the monthly payroll is included below. Jaranty expenses are accrued at 2% of sales for each month on the last day of each month unless otherwise stated. ost of goods sold are always 43% of the net sales. Adjust each time there is a sale through Finished Goods. he company has an outstanding loan that it makes payments on each month. The loan schedule is included in this Excel file. ecord appropriate expenses to the prepaid accounts. dd HST to each sale. he company had the following transactions in 2022 an 2 an 7 an 15 an 15 an 15 an 20 an 23 an 31 an 31 an 31 eb 4 eb 7 eb 8 eb 10 eb 13 eb 15 eb 21 eb 26 eb 28 eb 28 ar 7 ar 15 Mar 21 Mar 21 Mar 31 Mar 31 Mar 31 Mar 31 Mar 31 Mar 31 Purchased $15,400 insurance policy for the 2022 year. Remitted the appropriate HST for the month of December to the Receiver General. Purchased $78,000 of raw materials for parts on account, plus HST, terms n30. Record the loan payment. Use the information from the loan schedule. Remit the payroll deductions to the Receiver General for the last quarter. Paid for the following fixed costs with cash: Advertising $2,300, Utilities $1,285, Telephone $236 (all are before HST - you need to add HST to these amounts Paid the balance of accounts payable from December. Sales for the month totalled $350,000 (not including HST), of which 95% were on credit. The company collects 13% HST on all sales and Collected all of A/R from last month. The company received a deposit of $60,000 on a special order to be fulfilled in February. Pay the monthly payroll for January. Completed repair work for a customer under warranty at a cost of $4,400. Ignore HST. Remitted the appropriate HST for the month of January to the Receiver General. Ordered and paid for $1,500 in supplies (no HST). Purchased $83,000 of raw materials for parts on account, plus HST, terms n30. Paid the balance of accounts payable from January. Record the loan payment. Use the information from the loan schedule. Paid for the following fixed costs with cash: Advertising $2,500, Utilities $1,285, Telephone $236 (all are before HST - add HST to each expense) Fulfilled special order for $60,000 received last month. Total cost amounted to $78,000 + HST. The customer will pay the balance next month. The cost of goods sold was 48% of sales for this sale. Sales for the month totalled $325,000 not including HST or the special order. 90% of these sales were on credit. The company estimates its warranty costs at 2% of sales including special order. Collected A/R from January. Pay the monthly payroll for February Remitted the appropriate HST for the month of February Record the loan payment. Use the information from the loan schedule. Completed repair work for a customer. The total cost of $4,780 plus HST was not covered by warranty and was billed to the customer. Payment is due in 30 days. Paid for the following fixed costs with cash: Advertising $2,500, Utilities $1,285, Telephone $236 (all are before HST-add HST to each expense) Sales for the month totalled $315,000 not including HST, of which 80% were on credit. The company estimates its warranty costs will increase to 4% of sales. Collected A/R from February. Declared and paid dividend paid to owner in the amount of $12,000. On March 31, the company purchased a machine costing $120,000. The machine will have a useful life of 5 years and residual value of $8,000 and will be depreciated using straight-line method. Collected the A/R from February. Pay the monthly payroll for March. Transfer $300,000 in cash to Short Term Investments Employee Tally Dodge George Tanaka Weekly Hours Payroll Information: Salary employees are paid once a month on the last day of the month. They are not paid overtime, only their annual salary over 12 months. Annual Salary 48 S 48 S 78,000 78,000 1,284.41 1,284.41 CPP per pay per El per pay period Tax per pay period 353.88 102.70 353.88 102.70 Prepare journal entries to record the transactions in the General Journal below. You must provide a short description for each journal entry.