You will record the following transactions into the retailer's accounting records. The year end of the retailer is June 30. It uses a perpetual inventory system and has an allowance for doubtful notes general ledger account. 1. The retailer purchased equipment on December 1 for $79,600, paying 54,700 cash with the balance owing on account. The equipment is expected to have a useful life of 6 years or 7,900 service hours, a residual value of $2,600, and depreciated using the units of production method. It was operated 1,670 hours during the current year. 2. On January 1, the retailer signed a $74,900 note payable to obtain more time to pay the account owing (see transaction #1). It is a 5-year, 8% blended installment note requiring a semi-annual payment of $9,234 on June 30 and December 31 of each year. 3. The retailer received its annual $9,660 property tax bill on February 28 4. On April 1, the retailer sold 56,700 of merchandise to a customer. The cost of the inventory sold was $4,020. The customer signed a 2-month, 5% promissory note to pay the amount owed with accrued interest. 5. Two months later, customer paid the promissory note as agreed (see transaction #4) on May 31 6. The retailer paid employee salaries totaling 514,300 on June 29. Of this amount, $708 is for CPP. $300 for El $3,432 for employee income taxes. The employer is liable for $708 for CPP and $420 for El 7. The retailer paid its property tax bill (see transaction #3) on June 30. a) Prepare the journal entries and the year-end adjusting entry related to the above transactions. Calculate to the nearest dollar b) Present the note payable on the June 30, 2021, classified format balance sheet