Recording Various Liabilities Grove Hardware had the following transactions that produced liabilities during the year: a. Purchased merchandise on credit for $50,000. (Note: Assume a periodic inventory system.) c. Year-end estimated income taxes payable, but unpaid, for the year were $37,350. d. Sold merchandise on account for $2,160, including state sales taxes of $90. (Note: Assume a periodic inventory system.) e. Employer's share of Social Security and Medicare taxes for the period were $1,364 and $320, respectively. f. Borrowed cash under a 120 -day, 7%,$20,000 note. Required: Prepare the entry to record each of these transactions (treat each transaction independently). If an amount box does not require an entry, leave it blank