Problems 1. The following items were selected from among the transactions completed by Sherwood Co. during the current year: - June 1. Borrowed $400,000 from Triple Creek Bank, issuing a 45 -day, 5% note. - July 1. Purchased tools by issuing a $45,000,60-day note to Poulin Co., which discounted the note at the rate of 7% - July 16. Paid Triple Creek Bank the interest due on the note of June 1 and renewed the loan by issuing a new 30 -day, 6% note for $400,000. (Journalize both the debit and credit to the notes payable account.) - Aug 15. Paid Triple Creek Bank the amount due on the note of July 16. - Aug 30. Paid Poulin Co. the amount due on the note of July 1. - Dec 1. Purchased equipment from Greenwood Co. for $260,000, paying $40,000 cash and issuing a series of ten 9% notes for $22,000 each, coming due at 30 -day intervals. - Dec 31. Paid the amount due to Greenwood Co. on the first note in the series issued on December 1. Problem 1 Instructions: a. Journalize each transaction. b. Journalize the adjusting entry for each of the following accrued expenses at the end of the current year: i. Product warranty cost, $80,000. ii. Interest on the nine remaining notes owed to Greenwood Co