Van Industries began operations in $2020.$ The following selected transactions occurred from February $2021$ through April

Vandelay's fiscal year ends on December $31.$

$2022$

a$.$ On February $9,$ Van Industries opened a checking account and negotiated a short$-$term line of credit of up to

$$5,000,000$ at $9\%$ interest. The company is not required to pay any commitment fees.

b$.$ On August $1,$ Van Industries, supported by the line of credit, issued $$2,750,000$ of commercial paper on a $6-$month

note. Interest was discounted at issuance at a $6\%$ discount rate.

c$.$ December credit sales totaled $$2,525,000$ before tax. The state sales tax rate is $7\mathrm{.}5\%.$

d$.$ Van Industries received $$27,000$ of refundable deposits in cash in December for reusable containers.

e$.$ Record any necessary December $31$ st adjusting entry$($s$).$

$2023$

f$.$ Germ Inc. paid the commercial paper at maturity.

g$.75\%$ of the storage containers are returned to Van Industries in April. The remaining storage containers are

being kept by Van's customers. The total cost for all of the forfeited containers is $$2,970.$

Required

$1$ Prepare the appropriate journal entries for the $2021$ transactions.

$2$ Prepare the appropriate journal entries for the $2022$ transactions.