Retro Productions Ltd. is a Vancouver-based furniture manufacturer. The company reported the following information on its trial balance for 11 months of the year ended November 30, 2021. \begin{tabular}{|c|c|c|} \hline Retained earnings & & 1,239,275 \\ \hline Dividends declared & 120,000 & \\ \hline Sales & & 16,457,200 \\ \hline Cost of goods sold & 9,174,000 & \\ \hline Advertising expense & 405,000 & \\ \hline Freight out & 980,000 & \\ \hline Office expense & 78,000 & \\ \hline Rent expense & 154,000 & \\ \hline Salaries expense & 3,436,000 & \\ \hline Travel expense & 46,000 & \\ \hline Utilities expense & 61,000 & \\ \hline Interest expense & 70,000 & \\ \hline \multirow[t]{2}{*}{ Income tax expense } & 380,000 & \\ \hline & $20,898,100 & $20,898,100 \\ \hline \end{tabular} Retro reported the following transactions for the month of December. The company uses a perpetual inventory system and owned 10,000 units of inventory on December 1. Dec. 1 Received $315,000 on account from a major customer. 1 Paid $14,000 in rent for the month of December. 4 Paid $375,000 owing to a supplier from a purchase made in November. 6 Sold 4,200 units of merchandise to a Canadian furniture retailer for $2,121,000 on credit, FOB shipping point. 15 Purchased 6,000 units of merchandise from a supplier at a cost of $290 per unit on credit, FOB shipping point. 18 Paid salaries of $125,000. 21 Sold 8,000 units of merchandise for $4,092,000 on account, FOB shipping point. 24 Paid $32,000 for advertising expenses incurred in the month. 27 Purchased 5,000 units of inventory from a supplier at a cost of $300 per unit on credit, FOB shipping point. Record the December transactions. The company uses the FIFO cost formula. (List all debit entries before credit entries. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Round answers to 0 decimal places, e.g. 5,275. Record journal entries in the order presented in the problem.) Dec. 6 Inventory (To record cost of merchandise sold) Dec. 15 Dec. 18 Dec. 21 Dec. 21 Accounts Receivable Sales (To record sale) 1167600 1167600 1740000 Accounts Payable 1740000 125000 125000 4092000 4092000 Dec. 21 Cost of Goods Sold 2250400 Inventory 2250400 (To record cost of merchandise sold) Dec. 24 Advertising Expense 32000 Cash 32000 Dec. 27 Inventory 1500000 Accounts Payable 1500000 Prepare T accounts and enter the opening balances. (Round answers to 0 decimal places, e.g. 5,275.) Prepaid Rent Equipment Accumulated Depreciation-Equipment Accounts Payable Deferred Revenue Bank Loan Payable Common Shares Retained Earnings Dividends Declared Sales Sales Return and Allowances Sales Discounts Cost of Goods Sold Advertising Expense Depreciation Expense Freight Out Interest Expense Income Tax Expense