e Chegg Siudy | Guided 5, x / Connect x, e chegg Study l Guided S- x-, G E Chegg Siudy l Guided\ M Your question needs to L C | connect.htrri I https:/ew cor Down nad music, Secure ::: Apps Ro k marks m- RU Usemame Rlackboard earn The Ricklist Watch O "atm Ma es Onlir HRU Port -Top 100 M ies of A How to DrortNate To TH2 w r Rase l my it Chap 7 Problem 29 6 Help Save & Exit Submit Saved Check my work The following selected transactions were taken from the books of Ripley Company for 2018 1. On February 1, 2018, borrowed $59,000 cash from the local bank. The note had a 6 percent interest rate and was due on June 10 points 1, 2018 2. Cash sales for the year amounted to $230,000 plus sales tax at the rate of 6 percent. 3. Ripley provides a 90-day warranty on the merchandise sold. The warranty expense is estimated to be 4 percent of sales. 4. Paid the sales tax to the state sales tax agency on $190,000 of the sales 5. Paid the note due on June 1 and the related interest. 6. On November 1, 2018, borrowed $46,000 cash from the local bank. The note had a 8 percent interest rate and a one-year Skipped eBuok term to maturitv 7. Paid $3,400 in warranty repairs. 8. A customer has filed a lawsuit against Ripley for $12 million for breach of contract. The company attorney does not believe the suit has merit. Required a. Answer the following questions: 1. What amount of cash did Ripley pay for interest during 2018? 2. What amount of interest expense is reported on Ripley's income statement for 2018? 3. What is the amount of warranty expense for 2018? Mc Prey 1 of 1 Next Hill 758 AM O Type here to search ^ CNG 11/15/2017