The following items were selected from among the transactions completed by Sherwood Co ring the current year Mar1 Purchased merchandise on account from Kirkwood Co. $414,000, terms n/3o 31 Issued a 30-day, 4% note for S41 4,000 to Kriwood Co , on account. 30 Paid Kirkwood Co. the amount owed on the note of March 31 Apr Jun. Jul Bonowed S1 80,000 from Triple Creek Bank, issuing a 45-day, 4% note Purchased tools by issuing a $228,000, 60-day note to Poulin Co, which discounted the note at the 1 rate of 6% Paid Triple Creek Bank the interest due on the note of June 1 and renewed the loan by issuing a ney 30-day, 6.5% note for S180.000. (Journalize both the debit and credit to the notes payable account. 16 Aug 15 Paid Triple Creek Bank the amount due on the note of July 16 30 Paid Poulin Co. the amount due on the note of Juy 1 1 Purchased equipment from Greenwood Co. for $520,000, paying $90,000 cash and issuing a series of 22 Settled a product liablity lawsuit with a customer for $315,000, payable in January, Accrued the loss in 31 Paid the amount due to Greenwood Co. on the first note in the series ssued on December en 4% notes for S43.000 each. coming due at 30-day intervals Required: the nearest dolar 2. Journalize the adjusting entry for each of the to wording of account tities) a. Product warranty cost, $26,500