Current Attempt in ProgressNorma Smith is the controller of Baylor Corporation and is responsible for the preparation of the year-end financial statements. The following transactions occurred during the year.For each of the following transactions, indicate the dollar amount to be reported as a current liability as of December 31,2028.Reported as(a) Bonuses to key employees based on net income for 2028 are estimated to be $150,000.(b) On December 1,2028, the company borrowed $600,000 at 8% per year. Interest is paid quarterly.(c) Accounts receivable at December 31,2028, is $10,000,000. An aging analysis indicates that Baylor's expense provision for doubtful accounts is estimated to be 3% of the receivables balance.(d) On December 15,2028, the company declared a $2 per share dividend on the 40,000 shares of common stock outstanding, to be paid on January 5,2029.(e) During the year, customer advances of $160,000 were received; $50,000 of this amount was earned by December 31,2028.$$$$$