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. 1. Book sales, not including sales tax, for Year 1 amounted to $272,000 cash. 2. Cash sales of miscellaneous items in Year 1 were $145,000, not including tax. 3. Cost of goods sold was $208,000 for the year. 4. Paid $130,000 in operating expenses for the year. 5. Paid the sales t Control your music, videos, and more Required a. What is the total amount of sales tax Vail Book Mart collected and paid for the year? Sales tax collected b. Prepare the journal entries for the preceding transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Book sales, not including sales tax, for Year 1 amounted to $272,000 cash. Note: Enter debits before credits, General Journal Debit Credit Event 1 b. Prepare the journal entries for the preceding transactions. (If no entry is required for a transaction/event, sele required" in the first account field.) View transaction list Journal entry worksheet A B D E > Cash sales of miscellaneous items in Year 1 were $145,000, not including tax. Note: Enter debits before credits. Event General Journal Debit Credit 2 Record entry Clear entry View general journal b. Prepare the journal entries for the preceding transactions. (If no entry is required for a transaction/event, select "N required" in the first account field.) View transaction list Journal entry worksheet Cost of goods sold was $208,000 for the year. Note: Enter debits before credits. Event General Journal Debit Credit 3 Record entry Clear entry View general journal b. Prepare the journal entries for the preceding transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Paid $130,000 in operating expenses for the year. Note: Enter debits before credits. Event General Journal Debit Credit 4 Record entry Clear entry View general journal b. Prepare the journal entries for the preceding transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Paid the sales tax collected to the state agency. Note: Enter debits before credits. Event General Journal Debit Credit 5 Record entry Clear entry View general journal c. What is Vail Book Mart's net income for the year? c. What is Vail Book Mart's net income for the year? Net income