The following transactions apply to Park Company for Year $1$:

Received $$50,000$ cash from the issue of common stock.

Purchased inventory on account for $$180,000.$

Sold inventory for $$250,000$ cash that had cost $$140,000.$ Sales tax was collected at the rate of $5$ percent on the inventory sold.

Borrowed $$50,000$ from First State Bank on March $1,$ Year $1.$ The note had a $7$ percent interest rate and a one$-$year term to maturity.

Paid the accounts payable $($see transaction $2).$

Paid the sales tax due on $$190,000$ of sales. Sales tax on the other $$60,000$ is not due until after the end of the year.

Salaries for the year for one employee amounted to $$46,000.$ Assume the Social Security tax rate is $6$ percent and the Medicare tax rate is $1\mathrm{.}5$ percent. Federal income tax withheld was $$5,300.$

Paid $$5,800$ for warranty repairs during the year.

Paid $$36,000$ of other operating expenses during the year.

Paid a dividend of $$2,000$ to the shareholders.

Adjustments:

The products sold in transaction $3$ were warranted. Park estimated that the warranty cost would be $3$ percent of sales.

Record the accrued interest at December $31,$ Year $1.$

Record the accrued payroll tax at December $31,$ Year $1.$ Assume no payroll taxes have been paid for the year and that the unemployment tax rate is $6$ percent $($federal unemployment tax rate is $0\mathrm{.}6$ percent and the state unemployment tax rate is $5\mathrm{.}4$ percent on the first $$7,000$ of earnings per employee$).$

b$.$ Post the transactions to T$-$accounts.