Analyzing and Determining the Amount of a Liability For each of the following situations, indicate the...

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Analyzing and Determining the Amount of a Liability For each of the following situations, indicate the liability amount, if any, which is reported on the balance sheet of Hirst, Inc., at December 31. Hirst owes $110,000 at year-end for its inventory purchases. b. Hirst agreed to purchase a $28,000 drill press in January of the following year. During November and December, Hirst sold products to a firm with a 90-day warranty s $ against product failure. Estimated costs in the following year of honoring this warranty are $2,200. $ d. Hirst provides a profit-sharing bonus for its executives equal to 5% of its reported pretax annual income. The estimated pretax income for this year is $600,000. Bonuses are not paid until January of the following year. $ Analyzing and Determining the Amount of a Liability For each of the following situations, indicate the liability amount, if any, which is reported on the balance sheet of Hirst, Inc., at December 31. Hirst owes $110,000 at year-end for its inventory purchases. b. Hirst agreed to purchase a $28,000 drill press in January of the following year. During November and December, Hirst sold products to a firm with a 90-day warranty s $ against product failure. Estimated costs in the following year of honoring this warranty are $2,200. $ d. Hirst provides a profit-sharing bonus for its executives equal to 5% of its reported pretax annual income. The estimated pretax income for this year is $600,000. Bonuses are not paid until January of the following year. $