The following selected transactions relate to liabilities of Interstate Farm Implements for December of 2013. Interstate's fiscal year ends on December 31.1. On December 15, received $14,500 from Bradley Farms toward the purchase of a $188,500 tractor to be delivered on January 6, 2014.2. During December, received $37,500 of refundable deposits relating to containers used to transport equipment parts.3. During December, credit sales totaled $900,000. The state sales tax rate is 5% and the local sales tax rate is 2%. (This is a summary journal entry for the many individual sales transactions for the period.)Required: Prepare the appropriate journal entries for the above transactions.