The following are selected transactions of Blue Spruce Department Store Ltd. for the current year ended December 31. Blue Spruce is a private company operating in the province of Manitoba where PST is 8% and GST is 5%. PDSL follows ASPE and has a periodic inventory system. 1. On February 2, Blue Spruce placed an order to buy goods for resale from Hashmani Limited for $ 49,000 plus GST. Terms of purchase are f.o.b. destination, net 15. The goods arrived February 6 and the invoice was paid on February 20. (Hint: Inventory for resale is purchased PST exempt.) 2. On April 1, Blue Spruce purchased a truck for $ 49,000 from Schuler Motors Limited, paying $ 11,270 cash and signing a one-year, 8% note for the balance of the purchase price. Provincial sales tax of 8% and GST of 5% were charged by the supplier on the purchase price. 3. On May 1, Blue Spruce borrowed $ 73,000 from First Provincial Bank by signing a $82,900 non-interest-bearing note due one year from May 1. 4. On June 30 and December 31, Blue Spruce remitted cheques for $ 20,200 each as instalments on its current year tax liability. 5. On August 14, Blue Spruce's board of directors declared a $ 19,000 cash dividend that was payable on September 10 to shareholders of record on August 31. 6. On December 5, Blue Spruce received $ 1,700 from Jefferson Ltd. as a deposit on a trailer that Jefferson is using for an office move. The deposit is to be returned to Jefferson after it returns the trailer in good condition on January 15. (Hint: Use the account Refund Liability.) 7. On December 10, Blue Spruce purchased new furniture and fixtures for $ 8,000 on account. Provincial sales tax of 8% and GST of 5% were charged by the supplier on the purchase price. 8. During December, cash sales of $ 80,000 were recorded, plus 8% provincial sales tax and 5% GST that must be remitted by the 15th day of the following month. Both taxes are levied on the sale amount to the customer. Ignore any cost of goods sold. 9. Blue Spruce's lease for its store premises calls for a $2,800 monthly rental payment plus 3% of net sales. The payment is due one week after month end. 9. Blue Spruce's lease for its store premises calls for a $2,800 monthly rental payment plus 3% of net sales. The payment is due one week after month end. 10. Blue Spruce was advised during the month of December that it is legally required to restore the area (considered a land improvement) surrounding one of its new store parking lots, when the store is closed in 12 years. Blue Spruce estimates that the fair value of this obligation at December 31 is $ 93,000. 11. The corporate tax return indicated taxable income of $ 206,200. Blue Spruce's income tax rate is 20%. Your answer is partially correct. Prepare all the journal entries necessary to record the above transactions when they occurred and any adjusting journal entries relative to the transactions that would be required to present financial statements at December 31 in accordance with GAAP. (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 O for the amounts.) Date Account Titles and Explanation Debit Credit Feb. 6 Purchases 49000 Sales Tax Payable 2450 Accounts Payable 51450 Feb. 20 Accounts Payable 51450 Feb. 6 Purchases 49000 Sales Tax Payable 2450 Accounts Payable 51450 Feb. 20 Accounts Payable 51450 Cash 51450 Apr. 1 Vehicles 49000 Income Tax Payable 6370 Notes Payable 44100 Cash 11270 May 1 Cash 73000 Notes Payable 73000 June 30 Income Tax Expense 20200 Cash 20200 Aug. 14 Rent Receivable 0 No Entry 0 Sept. 10 Dividends Payable 19000 Sept. 10 Dividends Payable 19000 Cash 19000 Dec. 5 > Cash 17000 Refund Liability 17000 Dec. 10 Furniture 8000 Sales Tax Payable 1040 Accounts Payable 9040 Dec. 31 > Accounts Receivable 90400 GST Payable 4000 Purchase Discounts Lost 6400 Sales Revenue 80000 (To record cash sales) Dec. 31 Rent Expense 36000 Cash 36000 (To accrue rent expense) Dec. 31 Asset Retirement Obligation V Asset Retirement Obligation Asset Retirement Ubligation (To record asset retirement obligation) Dec. 31 Income Tax Payable 41240 Cash 41240 (To record payment of income tax expense) Dec. 31 Income Tax Expense 40400 Income Tax Payable 40400 (To accrue income tax expense) Dec. 31 Interest Expense 41240 Interest Payable 41240 (To accrue interest expense) Dec. 5 (To accrue expense on non-interest-bearing note) X Your answer is incorrect. Identify the current liabilities that will be reported on Blue Spruce's December 31 SFP, and indicate the amount of each one. X Your answer is incorrect. Identify the current liabilities that will be reported on Blue Spruce's December 31 SFP, and indicate the amount of each one. Blue Spruce Department Store Ltd. Balance Sheet (Partial) December 31 Intangible Assets Cash $ 47420 Accounts Receivable 90400 GST Receivable 1300 Notes Receivable 0 $