Question 8 (13 points) Ariella Corp. had the following transactions during May 2020. All transactions are in Canadian dollars except where indicated. All sales include a 2 year warranty, accruals for warranty are done on a monthly basis. Ariella uses a periodic inventory system. Sales to Canadian customer on account $623,000 plus 5% GST. May 2 May 6 Sales to US, customer on account US $540,000. There is no GST on the sale. US dollar was worth Cdn $1.03 on this date May 12 Inventory purchased on account, $360,000 plus 5% GST. May 16 May 24 May 31 May 31 Collected in full from Canadian customer Warranty work during the month totaled $7,530 for labour and $2,180 for parts consumed from inventory. the month May 31 Required: At the end of the month, Ariella Corp has not yet received payment from the US customer. The exchange rate is Cdn 1.05. Warranty costs are expected to be 2% of CDN equivalent dollar sales in Remitted net GST for the month Prepare all the necessary journal entries for the above transactions. (13 marks)