Sheridan's Landscaping Ltd. (SLL) had the following transactions involving current liabilities in its first year of operations: 1. SLL signs contracts with customers and requests 50% of the contract price as a deposit at the time of signing. SLL had three contracts totalling $144,000 in which the work had not started. 2. SLL has five employees, tho earn gross wages of $444,000 for the year. From this, the company deducted 20% for income taxes, \$24,198 in CPP premiums, and \$7,015 in El premiums before distributing the cheques to the staff. As an employer, SLL. was also required to match the employees' CPP premiums and pay $9.821 in El premiums. CLL had fallen behind in making payments owing to the government. The last two months of the year were still outstanding (that is, 2/12). 3. SLL ordered sod from one supplier during the year. The supplier provided credit to SLL, and at the end of the year SLL owed $55,200 on total purchases of $427,200. 4. SLL also sells gift cards that can be used to buy plants at the company's greenhouse. During the year, the company sold $48,000 in gift cards. No. Account and explanation 1. Cosh 144000 Deferred Revenun 2. Wages Expeme (To record wages payable to employees) (To record employer's fiabilities) Income Tax Payable (To record payment to the government) 3. Equipment Accounts Payable (To record purchase) Accounts Payable (To record payment) 4. Cish