Required Information The following information applies to the questions displayed below) Pine Fair, LP (Umited Partnership), is one of the largest regional amusement park operators in the world, owning 11 amusement parks, two water parks, and four hotels. The parks Include Pine Point in Ohio: Valleyfair near Minneapolis/St. Paul Domey Park and Wildwater Kingdom near Allentown, Pennsylvania; Worlds of Fun in Kansas City, Great America in Santa Clara, California, and Canada's Wonderland near Toronto, Canada, among several bthers. The following are summarized transactions similar to those that occurred in a recent year. Dollars are in thousands a. Guests at the parks paid $661,042 cash in admissions. b. The primary operating expenses for the year were employee wages of 485,416, with $453,630 paid in cash and the rest to be paid to employees in the following year. Pine Fair paid $51,000 principal on long-term notes payable. d. The parks sells merchandise in park stores. The cash received during the year for sales was $417,693 The cost of the inventory sold during the year was $105,057 e. Pine Fair purchased and built additional rides and other equipment during the year, paying $101,890 in cash Guests may stay in the parks at accommodations owned by the company. During the year, accommodations revenue was $93.394 $91,605 was paid by the guests in cash and the rest was owed on account g. Interest Incurred and paid on long-term debt was $179.326. The company purchased $167.031 in Inventory for the park stores during the year, paying $135,031 in cash and owing the rest on account Advertising costs for the parks were $159,926 for the year: $148.344 was paid in cash and the rest was owed on account Pine Fair paid $14.200 on accounts payable during the year, the rest on account. 1. Advertising costs for the parks were $159,926 for the year account J. Pine Fair paid $14,200 on accounts payable during the yea equired: For each of these transactions, record journal entries. Use the letter equire two entries, one for revenue recognition and one for the related elect "No Journal entry required" in the first account field. Enter you View transaction list Guests at the parks paid $661,042 cash in admissions. The primary operating expenses for the year were employee wages of 485,416, with $453,630 paid in cash and the rest to be paid to employees in the following year. 3 Pine Fair paid $51,000 principal on long-term notes payable. 4 The parks sells merchandise in park stores. The cash received during the year for sales was $417,693. The cost of the inventory sold during the year was $105.057. Record the sale. Note: " " journal entry has been entered Record entry Clear entry X. 1. Advertising costs for the parks were $159,926 for the account J. Pine Fair paid $14,200 on accounts payable during the ired: reach of these transactions, record Journal entries. Use the le re two entries, one for revenue recognition and one for the re t "No Journal entry required" In the first account field. Enter lew transaction list The parks sells merchandise in park stores. The cash received during the year for sales was $417,693. The cost of the inventory sold during the year was $105,057. Record the cost of the sale. Note Pine Fair purchased and built additional rides and other equipment during the year, paying $101,890 in cash. Guests may stay in the parks at accommodations owned by the company. During the year, accommodations revenue was $93,394; $91,605 was paid by the guests in cash and the rest was owed on account. Interest incurred and paid on long-term debt was $179.326. journal entry has been entered Record entry Clear sairy lect "No journal entry In the first account field. Enter your View transaction list B cash and the rest was owed on account. Interest incurred and paid on long-term debt was $179,326. The company purchased $167,031 in inventory for the park stores during the year, paying $135,031 in cash and owing the rest on account. 10 Advertising costs for the parks were $159,926 for the year; $148,344 was paid in cash and the rest was owed on account. 11 Pine Fair paid $14,200 on accounts payable during the year. Note: = journal entry has been entered + Record entry Clear entry Vie