Required information Exercise 9-13A (Algo) Comprehensive single-cycle problem LO 9-1, 9-2, 9-4, 9.5 [The following information applies to the questions displayed below] The following transactions apply to Park Company for Year 2 . 1. Received $30.000cash from the issue of common stock. 2. Purchased inventory on account for $140,000. 3. Sold inventory for $175,000 cash that had cost $108,000. Sales tax was collected ot the rate of 6 percent on the inventory sold 4. Borrowed \$22,800 from First State Bank on March 1, Year 1. The note had a 6 percent interest rate and a one-year term to moturity 5. Paid the accounts payable (5ee transacuon 2). 6. Paid the sales tax due on $151,500 of sales. Sales tax on the other $23,500 is not due until after the end of the yeat. 7. Salaries for the year for one employee amounted to $26,000. Assume the Social Security tox rate is 6 percent and the Medicare tax rate is 15 percent. Federal income tax withheld was $5,400 8. Paid $2700 fot warranty repairs during the year 9. Poid 512,000 of other operoting expenses during the year. 10. Poid o dividend of $5,200 to the shareholders. Adjustments: 11. The products sold in transection 3 were warranted Park estimated that the warranty cost would be 6 percent of sales 12. Record the accrued interest ot December 31, Year 1 13. Record the accrued poyroll tax at December 31, Yeor 1. Assume no poyroll taxes have been paid for the year and that the unemployment tox rate is 6.0 percent federal unemployment tax rote is 0.60 percent and the stote unemployment tox rate is 5.40 percent on the first $7,000 of earnings per employee). Exercise 9.13A (Algo) Part a Required: . Record the preceding transactions ingeneral joumal form. (If no entry is required for a transaction/event, select "No joumal entry equired in the first nccount field.)