AP9-1 (Various current liabilities) Joan's Golf Shop Ltd. had the following transactions involving current liabilities in its first year of operations: 1. The company ordered golf equipment from suppliers for $546,000, on credit. It paid $505,000 to suppliers during the year. 2. The shop has seven employees, who earn gross wages of $230,000 for the year. From this, the company deducted 22% for income taxes, $11,300 in CPP premiums, and $4,300 in El premiums before distributing the cheques to the staff. As an employer, Joan was also required to match the employees' CPP premiums and pay $6,020 in El premiums. Eleven-twelfths of the amounts due to the government (all except the last month) were paid before the end of the year. 3. The company gives customers a one-year warranty on golf clubs. Management estimated that warranty costs would total 2% of