Taylor Marina has300available slips that rent for $730per season. Payments must

Taylor Marina has300available slips that rent for $730per season. Payments must be made in full at the start of the boating season April 1 2015. Slips for the next season may be reserved if paid for by December 31 2014. Under a new policy if payment is made by December 31 2014 a5% discount is allowed. The boating season ends October 31 and the marina has a December 31 year-end. To provide cash flow for major dock repairs the marina operator is also offering a18% discount to slip renters who pay for the 2016 season.For the fiscal year ended December 31 2014 all300slips were rented at full price.193slips were reserved and paid for the 2015 boating season and61slips for the 2016 boating season were reserved and paid for.(a)Prepare the appropriate journal entries for fiscal 2014.2.