Quesul 27 (10 POILS) Walton Inc. had the following transactions during its first year of operations (the company has a December 31 year-end): Provide all journal entries required during the fiscal year, you do not need to provide adjusting entries as at year-end - only record the entries for the transactions below. 1) February 7 - Purchased real-estate for $2 million, paying $300,000 in cash and signing a mortgage payable for the balance. The site had an old building on it and the current values of the land and building were $1.6 million and $400,000, respectively. The old building will be demolished and a new apartment will be constructed on the site. (3 marks) 2) February 9 - Paid legal fees of $50,000 on the real estate purchase on February 7th. (2 marks) 3) Developed a new product, incurring $200,000 in research and $80,000 in development costs with probable future economic benefit. (3 marks) 4) Property taxes of $40,000 were assessed on March 1 for the calendar year. They are payable by May 1. (3 marks) 5) They purchased inventory for $80,000 on December 27th on account, terms n/30, FOB shipping point The inventory was shipped on December 28 and received by Walton on January 3. (2 marks) 6) Weekly salaries of $18,000 are paid every Friday for a five-day workweek (Monday to Friday). This year, December 31 is a Monday. Payroll deductions fort one day before year-end include CPP of $175, El of $68, and employee taxes of $1,200. Employee benefits to be paid by the employer include CPP of $175 and of $95. Payroll deductions will be paid on January 15