Required information [The following information applies to the questions displayed below.) The following transactions apply to Park Co. for Year 1: 1. Received $50,000 cash from the issue of common stock. 2. Purchased inventory on account for $180,000 3. Sold inventory for $250,000 cash that had cost $140,000. Sales tax was collected at the rate of 5 percent on the inventory sold 4. Borrowed $50,000 from First State Bank on March 1, Year 1. The note had a 7 percent interest rate and a one-year term to maturity 5. Paid the accounts payable (see transaction 2) 6. Paid the sales tax due on $190,000 of sales. Sales tax on the other $60,000 is not due until after the end of the year. 7. Salaries for the year for one employee amounted to $46,000. Assume the Social Security tax rate is 6 percent and the Medicare tax rate is 15 percent. Federal Income tax withheld was $5,300. 8. Paid $5,800 for warranty repairs during the year. 9. Paid $36,000 of other operating expenses during the year. 10. Paid a dividend of $2,000 to the shareholders. Adjustments: 11. The products sold in transaction 3 were warranted. Park estimated that the warranty cost would be 3 percent of sales 12. Record the accrued interest at December 31, Year 1 13. Record the accrued payroll tax at December 31, Year 1. Assume no payroll taxes have been paid for the year and that the unemployment tax rate is 6 percent (federal unemployment tax rate is 0.6 percent and the state unemployment tax rate is 5.4 percent on the first $7,000 of earnings per employee) Required: a. Record the preceding transactions in general journal form. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)