the following are selected transactions of Monty Department Store Ltd. for the current year ended December 31. Monty 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.Prepare jornal entry.

1.		On February 2, Monty placed an order to buy goods for resale from Hashmani Limited for $48,000 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, Monty purchased a truck for $48,000 from Schuler Motors Limited, paying $11,040 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, Monty borrowed $71,000 from First Provincial Bank by signing a $82,100 noninterest-bearing note due one year from May 1.
4.		On June 30 and December 31, Monty remitted cheques for $20,500 each as instalments on its current year tax liability.
5.		On August 14, Monty's board of directors declared a $19,000 cash dividend that was payable on September 10 to shareholders of record on August 31.