Comprehensive Problem 3 Part 1: Selected transactions completed by Kornett Company during its first fiscal year ended December 31, 2045, were as follows: 1. Journalize the selected transactions. Assume 360 days per year. If no entry is required, select "No entry required" from the dropdown and leave the amount boxes blank. For a compound transaction, if an amount box does not require an entry, leave it blank. Tan. 3. ISshed check to octablich Apr. 14: Purchased $31,300 of merchandise on account, terms 1/10, n/30. The perpetual inventory system is used to account for inventory. Date Description Debit Credit Apr. 14 Inventory v Accounts Payable May 13: Paid the invoice of April 14 after the discount period had passed. ho Date Description Debit Credit May 13 Accounts Payable v Inventory Cash 31,300 Sept. 15: Purchased land by issuing a $670,000, 90-day note to Zahorik Co., which discounted it at 9%. Date Debit Credit Description Sept. 15 Land Interest Expense Notes Payable 670,000 Oct. 17: Sold office equipment in exchange for $135,000 cash plus receipt of a $100,000, 90-day, 9% note. The equipment had a cost of $320,000 and accumulated depreciation of $64,000 as of October 17. Description Debit Date Credit Oct. 17 Cash 135,000 Notes Receivable 100,000 Accumulated Depreciation-office Equip. 64,000 Loss on Sale of Office Equipment 21,000 office Equipment Accounting numeric field Dec. 31: The pension cost for the year was $190,400, of which $139,700 was paid to the pension plan trustee. Date Description Debit Credit Dec. 31 Pension Expense Cash Unfunded Pension Liability