Problem 2 Grossman Products began operations in 2024. The following selected transactions occurred during September 2024 through Dec 31, 2024. Grossman's fiscal year ends on December 31, 2024: a. On November 1, Grossman opened a checking account and negotiated a short-term line of credit of up to $10,000,000 at 10% interest. Interest on outstanding balances is calculated on the last day of each month. b. Grossman received $3,000 of refundable deposits on November 30th for reusable containers. Customers must return the containers within two months to receive their refund. c. On December 1st, Grossman borrowed $600,000 on its line of credit. d. Grossman received 75% of the reusable containers back during the month of December e. For the September through December period, cash sales totaled $5,000,000. The state sales tax rate is 4%. Cost of these sales is $2,900,000. f. On December 31st, Grossman paid $100,000 on its line of credit and accrued the appropriate amount of interest (payable on January 1, 2025). Requirement 1. Prepare the appropriate journal entries for the 2024 transactions. 2. Prepare the liability section of the balance sheet at December 31, 2024, based on the data supplied. Journal Entries Do Any Calculations Here: Grossman Products Balance Sheet As of 12/31/2024