Question 2: Ryan Sheridan, Inc. completed the following transactions during the current year, the company's first year of operations. Currently, Ryan Sheridan has a December 31 year-end 1. September purchased $66,000 of merchandise inventory from Sweeney Company using a trade note payable. The not is due in three months and carries a 4% annual interest rate 2. September 21: Purchased $392,000 of inventory from various suppliers on account 3. October 12: Sold merchandise that cost $83,000 for $129,000 on account. 4. October 16: Sold $4,600 of gift cards and received cash. 5 November 16: Paid for all the items purchased on September 21 6. December 2: Paid off the trade note payable plus interest. 7. December 15: Redeemed gift cards totaling S4,100 from customers who purchased merchandise costing $2,300. December 31: Used the proportional method to account for breakage. Its estimated breakage rate is 10%. 8. Requirements: a. Prepare the journal entries required to record the transactions listed above. Assume a perpetual inventory system is used. b. Prepare a partial income statement for the current fiscal year. Question 2: Ryan Sheridan, Inc. completed the following transactions during the current year, the company's first year of operations. Currently, Ryan Sheridan has a December 31 year-end 1. September purchased $66,000 of merchandise inventory from Sweeney Company using a trade note payable. The not is due in three months and carries a 4% annual interest rate 2. September 21: Purchased $392,000 of inventory from various suppliers on account 3. October 12: Sold merchandise that cost $83,000 for $129,000 on account. 4. October 16: Sold $4,600 of gift cards and received cash. 5 November 16: Paid for all the items purchased on September 21 6. December 2: Paid off the trade note payable plus interest. 7. December 15: Redeemed gift cards totaling S4,100 from customers who purchased merchandise costing $2,300. December 31: Used the proportional method to account for breakage. Its estimated breakage rate is 10%. 8. Requirements: a. Prepare the journal entries required to record the transactions listed above. Assume a perpetual inventory system is used. b. Prepare a partial income statement for the current fiscal year