Vail Book Mart sells books and other supplies to students in a state where the sales tax rate is 8 percent. Vail Book Mart engaged in the following transactions for Year 1. Sales tax of 8 percent is collected on all sales. a. What is the total amount of sales tax Vail Book Mart collected and paid for the year? b. Prepare the journal entries for the preceding transactions. c. What is Vail Book Marts net income for the year?