Sunland Corporation's year-end is December 31. Assuming that no adjusting entries relative to the transactions above have been recorded, prepare any adjusting journal entries concerning interest that are necessary to present fair financial statements at December 31. Assume straight-line amortization of discounts. (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. List all debit entries before credit entries.) No. Date Account Titles and Explanation December 1. 31 2. 3. December 31 December 31 Debit Credit View Policies Show Attempt History Current Attempt in Progress Described below are certain transactions of Sunland Corporation. The company uses the periodic inventory system. 1. 2. 3. On February 2, the corporation purchased goods from Bramble Company for $66,400 subject to cash discount terms of 2/10, n/30. Purchases and accounts payable are recorded by the corporation at net amounts after cash discounts. The invoice was paid on February 26. On April 1, the corporation bought a truck for $53,000 from Sunland Motors Company, paying $4,000 in cash and signing a 1- year, 10% note for the balance of the purchase price. On May 1, the corporation borrowed $79,400 from Chicago National Bank by signing a $88,520 zero-interest-bearing note due 1 year from May 1. (a) Your Answer Correct Answer Your answer is correct. Make all the journal entries necessary to record the transactions above using appropriate dates. (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. List all debit entries before credit entries. Record journal entries in the order presented in the problem. List all debit entries before credit entries.) Date Account Titles and Explanation ary 2 Purchases Accounts Payable uary 26 Accounts Payable Debit 65072 65072 Purchase Discounts Lost 1328 Cash Trucks Cash Notes Payable 1 Cash 53000 79400 Discount on Notes Payable 9120 Notes Payable eTextbook and Media Solution Credit 65072 66400 4000 49000 88520