Required information (The following information applies to the questions displayed below.) A company incurred the following transactions: a. Income tax expense of $1,400 for the current period is accrued. Of the accrual, $400 represents deferred tax liabilities. b. Bonds payable with a face amount of $15,000 are issued at a price of 98. c. Of the proceeds from the bonds in part b, $9,000 is used to purchase land for future expansion. d. Because of warranty claims, finished goods inventory costing $128 is sent to customers to replace defective products. e. A three-month, 9% note payable with a face amount of $60,000 was signed. The bank made the loan on a discount basis. f. The next installment of a long-term serial bond requiring an annual principal repayment of $70,000 will become due within the current year. Required: a-1. Show the effect, if any, of each transaction/adjustment on the appropriate balance sheet category or on net income by selecting for each category affected the account name and amount, and indicating whether it is an addition (+) or a subtraction (-). Items that affect net income should not also be shown as affecting stockholders' equity. Required: a-1. Show the effect, if any, of each transaction/adjustment on the appropriate balance sheet category or on net income by selecting for each category affected the account name and amount, and indicating whether it is an addition (+) or a subtraction (-). Items that affect net income should not also be shown as affecting stockholders' equity. Transaction/ Adjustment Current Assets Noncurrent Assets Current Liabilities Noncurrer a. b. C. d. e. f. a-2. Record the journal entries to show each transaction/adjustment. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet 1 2 3 4 5 6 Income tax expense of $1,400 for the current period is accrued. Of the accrual, $400 represents deferred tax liabilities. Note: Enter debits before credits Transaction General Journal Debit Credit a. Record entry Clear entry View general Journal