CHAPTER 13 Current Liabilities and Contingencies 767 The following selected transactions relate to liabilities of Interstate Farm Implements for December of 2016. interstate's fiscal year ends on December 31. ding advance Required .On December 15, received $7,500 from Bradley Farms toward the purchase of a $98,000 tractor to be deliv- Prepare the appropriate journal entries for these transactions. 1. On December 15, received $7,500 from Bradley Farms toward the purchase of a $98,000 tractor to be deliv- ered on January 6, 2017. parts 2%. (This is a summary Journal entry for the many individual sales transactions for the period.) 2. During December, received $25.500 of refundable deposits relating to containers used to transport equipment 3. During December, credit sales totaled $800,000. The state sales tax rate is 5% and the local sales tax rate is