Problem 13-2 Various transactions involving liabilities (LO13-2, 13-3, 13-4) Camden Biotechnology began operations in September 2018 The following selected transactions relate to liabilities of the company for September 2018 through March 2019. Camden's fiscal year ends on December 31 Its financial statements are issued in April. 2018 a. On September 5. onened checking accounts at Second Commercial Bank and negotiated a shortterm line of credit of up to $19.000.000 at the bank's prime rate (125% at the time) The comparty will pay no commitment fees b. On October 1, borrowed $16 million cash from Second Commercial Bank under the line of credit and issued a five month promissory note. Interest at the prime rate of 12% was payable at maturity Management planned to issue 10-year bonds in February to repay the note Received $3.500 of refundable deposits in December for reusable containers used to transport and store chemical based products d. For the September-December period, sales on account totaled $4,140,000. The state sales tax rate is 3% and the local sales tax rate is 3%. This is a summary lournal entry for the many individual sales transactions for the period e. Recorded the adjusting entry for accrued interest. 2019 t. In February, issued $12.4 million of 10-year bonds at face value and paid the bank loan on the March 1 due date 9 Half of the storage containers covered by refundable deposits were returned in March. The remaining containers are expected to be returned dorth the next six months Required: 1. Prepare the appropriate lournal entries for 2018 and 2019 transactions 2. Prepare the current and long term liability sections of the December 31, 2018 balance sheet Trade accounts payable on that date were $347.000 Complete this question by entering your answers in the tabs below. Required 1 Required 2 event, select "No Prepare the appropriate fournal entries for 2018 and 2019 transactie journal entry required in the first account field Enter your answe View transaction list Journal entry worksheet Record opening of checking accounts at Second Commercial Bank and negotiated a short-term line of credit of up to $10,000,000 at the bank's prime rate (12.5% at the time). The company will pay no commitment fees. Note: Enter debt before credits. Transaction General Journal Debit Credit IN Record entry Castry View general journal Required 2 > of Next >