As of January 1, Year 5, the accounting records for High Tech Supply (HTS) showed Cash of $180,000, Common Stock of $120,000, and Retained Earnings of $60,000. During Year 5, HTS experienced the following accounting events:
1. HTS purchased merchandise inventory for $78,000 cash.
2a. HTS recognized revenue from selling inventory for $97,000 on account.
2b. HTS recognized $82,000 of cost of goods sold.
3. HTS paid $38,000 cash to purchase a warehouse. The warehouse had a 10-year useful life and an $8,000 salvage value.
4. On April 1, Year 5, HTS acquired $35,000 cash by issuing a note to the State Bank. The note had a
5 percent annual interest rate and a one-year term to maturity.
5. HTS recognized accrued interest expense for the note issued in Event 4.
6. HTS estimated its uncollectible accounts expense to be 3 percent of credit sales.
7. HTS recognized depreciation expense associated with the warehouse purchased in Event 3.

Required
a. Record the events in a general journal.
b. Determine the net realizable value of receivables that will appear on the December 31, Year 5, balance sheet.
c. Determine the book value of the warehouse that will appear on the December 31, Year 5, balance sheet.