Mary Pierce is the controller of Arnold Corporation and is responsible for the preparation of the year-end financial statements. The following transactions occurred during the year.

(a) Bonuses to key employees based on net income for 2015 are estimated to be $150,000.

(b) On December 1, 2015, the company borrowed $900,000 at 8% per year. Interest is paid quarterly.

(c) Credit sales for the year amounted to $10,000,000. Arnold’s expense provision for doubtful accounts is estimated to be 2% of credit sales.

(d) On December 15, 2015, the company declared a $2 per share dividend on the 40,000 ordinary shares outstanding, to be paid on January 5, 2016.

(e) During the year, customer advances of $160,000 were received; $50,000 of this amount was earned by December 31, 2015.

Instructions For each item above, indicate the dollar amount to be reported as a current liability. If a liability is not reported, explain why.