Following are six pertinent facts about events during the year at Assinaboine Manufacturing, a farm equipment company:
a. On June 30, Assinaboine Manufacturing signed a nine-month, 5 percent note payable to purchase a machine costing $120,000. The note requires payment of principal and interest at maturity.
b. Sales of $2,103,000 were covered by Assinaboine Manufacturing's product warranty. At January 1, estimated warranty payable was $29,300. During the year, Assinaboine Manufacturing recorded warranty expense of 3 percent of sales and paid warranty claims of $55,700.
c. On November 15, Assinaboine Manufacturing received $10,000 on deposit for a tractor. The tractor will be delivered in March of next year.
d. December sales totaled $323,000 and Assinaboine Manufacturing collected GST of 5 percent on these sales. This amount will be sent to the appropriate authority early in January.
e. Assinaboine Manufacturing owes $200,000 on a long-term note payable. At December 31, 4 percent interest for the year plus $40,000 of this principal are payable within one year.
Required
For each item, indicate the account and the related amount to be reported as a current liability on Assinaboine Manufacturing's December 31 (year-end) balance sheet. Round all amounts to the nearest whole dollar.