Question 3 (8 marks) Tomato Company is a private company that grows and processes tomato-based products. The company is located in New Brunswick where HST is 15\%. The company's year-end is December 31. The following information is available for 2023 : 1. On January 1,2023 , the company purchased the rights to develop and grow tomatoes on a piece of land owned by the NB government. The rights cost $1,000,000 in cash, and allows Tomato to use the land for five years (until December 31,2027 ). Tomato's accountant has determined that this should be recorded in an asset account called "Land Rights". As part of the contract, Tomato must restore the land to a usable condition at the end of the fiveyear period. Tomato estimates that this will cost $150000. Previous asset retirement obligations for the company have been calculated using a 6% discount rate. Tomato uses straight-line depreciation to record the amortization of its assets. 2. For the month of December, 2023. Tomato had the following transactions: - $375,000 in sales plus HST; 30% was sold on account, the remaining sales were cash. The cost of inventory sold in the month totaled $180,000. All credit sales are collected in the month following the month of sale. - $50,000 in purchases of inventory plus HST. All purchases are on account, and payable by the 15th of the following month. - $25,000 in purchases of payroll and accounting services plus HST. All purchases were paid in cash and used in the month of December. Required: Prepare the journal entries in December for Tomato Company