The following five transactions occurred in Year 3 : 1. First purchase (cash): 120 units @ $93 2. Second purchase (cash): 200 units @ \$101 3. Sales (all cash): 365 units @ \$191 4. Paid $15,950 cash for salaries expense 5. Paid cash for income tax at the rate of 25 percent of income before taxes The following five transactions occurred in Year 3 : 1. First purchase (cash): 120 units @ $93 2. Second purchase (cash): 200 units @ \$101 3. Sales (all cash): 365 units @ \$191 4. Paid $15,950 cash for salaries expense 5. Paid cash for income tax at the rate of 25 percent of income before taxes