The following information applies to the questions displayed below) Vall Resorts, Inc., owns and operates five premier year-round ski resort properties (Vail Mountain, Beaver Creek Resort, Breckenridge Mountain, and Keystone Resort, oil located in the Colorado Rocky Mountains, and Heavenly Valley Mountain Resort, located in the Lake Tahoe area of California, Nevada). The company also owns a collection of luxury hotels, resorts, and lodging properties. The company sets in skets, sklessons, and ski equipment. The following hypothetical December transactions are typical of those that occur at the resorts a. Borrowed $4,000,000 from the bank on December 1, signing a note payable due in six months b. Purchased a new snowplow for $80.000 cash on December 31 c. Purchased ski equipment inventory for $49.000 on account to sell in the ski shops. d. Incurred $66.000 in routine maintenance expenses for the chairlifts; paid cash e. Sold $376,000 of January through March season passes and received cash t Sold a pair of skis from a ski shop to w customer for $690 on account. (The cost of the skis was $4001, Hint Record two entries Sold daily in passes in December for a total of $263.000 in cash Received a $3.300 deposit on a townhouse to be rented for five days in January L Paid half the charges incurred on account ind Received $350 on account from the customer in k. Paid $260,000 in wages to employees for the month of December Regare information 10.00 points Required: 1. Prepare youmal entries for each transaction of no entry is required for a transactionlevent, select "No journal entry required in the first account field.) 10.00 points 2. Assume that Val Resorts had a $3,090 balance in Accounts Receivable at the beginning of December. Determine the ending balance in the Accounts Receivable account at the end of December based on transactions (a) through Ending balance in Accounts receivable Rotorences Hints References eBook & Resources