Vall Book Mart sells books and other supplies to students in a state where the sales th x rate is 8 percent. Vall Book Mart engaged in the following transactions for Year 1 Sates tax of 8 percent is collected on all sales 1. Book sales, not including sales tax for Year 1 amounted to $277,000 cash, 2. Cash sales of miscellaneous items in Year 1 were $150,000, not including tax. 3. Cost of goods sold was $209,000 for the yeat 4. Paid $132,000 in operating expenses for the year 5. Paid the sales tax collected to the state agency. Required a. What is the total amount of sales tax Van Book Mart collected and pald for the year? b. Prepare the joumal entries for the preceding transactions c. What is Vail Book. Marts net income for the year