8. Record the following transactions and events of Royal Wulff Company in general journal form for year 2016. If the item does not require a journal entry, write “no entry.”20 points Sold merchandise costing $4,500 for $1,000 cash and $7,000 on open account. A perpetual inventory system is used. Two entries are recorded, one for the sale and one for the CGS expense and Finished Goods Inventory is decreased. (a) (b) Purchased land and building for $100,000 cash and a $300,000 mortgage. The land was recently appraised at S60,000 and the building at $340,000. (c) Record one years’ straight-line depreciation assuming a 20 year life on the building with no salvage value.