Required information Exercise 9-13A (Algo) Comprehensive single-cycle problem Lo 9-1, 9-2, 9.4, 9.5 [The following information applies to the questions displayed below] The following transactions apply to Park Company for Year 1 1. Received $30,000 cash from the issue of common stock 2. Purchosed inventory on account for $143,000 3. Sold inventory for $172,000 cash that had cost $105,000 Sales tax was collected at the rate of 7 percent on the inventory sold. 4. Borrowed $20,400 from First State Bank on March 1, Year. 1. The note had a 7 percent interest iate and a one-year term to maturity 5. Paid the accounts payable (sec transaction 2 ) 6. Paid the sales tax due on $152,000 of sales. Sales tax on the other $20,000 is not due unt after the end of the yea: 7. Salaries for the year for one employee arnounted to $31,000. Assume the Social Security rax rate is 6 percent and the Medicare tax rate is 15 percent Federal income tax withheld was $5.200 8. Paid $2.500 for wartanty repairs during the year 9. Paid $12.500 of other operating expenses during the yeat 10. Paid a dividend of $5,200 to the shareholders: Adjustments: 11. The products soid in fransaction 3 were warranted. Park estimated that the warronty cost would be 4 percent of sales 12. Record the accrued interest at December 31 , Year 1 13. Record the accrued payroli tax at December 31, Year 1 Assume no payroll taxes have been paid for the year and that the unemployment tax tate is 60 percent ffederal unemployment tax bate is 060 percent and the state unemployment. tax rate is 540 percent on the first $7,000 of earnings per employed) Exercise 9-13A (Algo) Part o Required: o. Record the preceding transactions in general joumal form. If no entry is required for a transaction/event, select "No joumal entry required" in the first account field.)