Pikes Peak is a ski resort in upstate New York. The company sells lift tickets, ski lessons, and ski equipment. It operates several restaurants and rents townhouses to vacationing skiers. The following hypothetical December transactions are typical of those that occur at the resort. a Borrowed $740,000 from the bank on December 1, signing a note payable, due in six months. b. Purchased a new snowplow for $26,250 cash on December 31, c. Purchased ski supplies for $14.900 on account d. Incurred $26.400 in routine maintenance expenses for the chairlifts: paid cash e Received $81.250 for season passes (beginning in the new year). f Daily lift passes were sold this month for a total of $91,000 cash g. Received a $485 deposit on a townhouse to be rented for five days in January h. Paid half the charges incurred on account in (c). Lincurred and paid $22.200 in wages to employees for the month of December Required: 1. Prepare accrual basis journal entries for each transaction 2. Calculate the company's preliminary net income Complete this question by entering your answers in the tabs below View transaction list Journal entry worksheet 23456 789 Borrowed $740,000 from the bank on December 1, signing a note payable, due in six months. Record the transaction. Note: Enter debits before credits Transaction General Journal Debit Credit RECEN View general journal Required 1 Required 2 Calculate the company's preliminary net income. Preliminary Net Income