Current Attempt in Progress

Listed below are selected transactions of Crane Department Store for the current year ending December $31.$

On December $5,$ the store received $610$ from the Jackson Players as a deposit to be returned after certain furniture to be

used in stage production is returned on January $15.$

During December, cash sales totaled $973,560,$ which includes the $5\%$ VAT that must be remitted to the tax authority by the

fifteenth day of the following month.

On December $10,$ the store purchased for cash three delivery trucks for $146,400.$ The trucks were purchased in a

jurisdiction that applies a $5\%$ VAT.

The store determined it will cost $122,000$ to restore the area $($considered a land improvement$)$ surrounding one of its store

parking lots, when the store is closed in $2$ years. Crane estimates the fair value of the obligation at December $31$ is $102,480.$

Prepare all the journal entries necessary to record the transactions noted above as they occurred and any adjusting journal entries

relative to the transactions that would be required to present fair financial statements at December $31.$ Date each entry. For simplicity,

assume that adjusting entries are recorded only once a year on December $31.($If no entry is required, select $"$No Entry" for the account

titles and enter $O$ for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record

journal entries in the order presented in the problem.$)$