Ejercicios de repaso: cap$$tulo $131.$ Jane's Donut Co$.$ borrowed $$200,000$ on January $1,2021$ and signed a two$-$year note bearing interest at $12\%.$ Interest is payable in full at maturity on January $1,2023.$ In connection with this note, Jane's should report interest expense at December $31,2021,$ in the amount of:$2.$ Universal Travel Inc. borrowed $$500,000$ on November $1,2021$ and signed a $12-$month note bearing interest at $6\%.$ Interest is payable in full at maturity on October $31,2022.$ In connection with this note, Universal Travel Inc. should report interest payable on December $31,2021,$ in the amount of: $($Round your final answers to the nearest whole dollar.$)3.$ Lake Co$.$ receives nonrefundable advance payments with special orders for containers constructed to customer specifications. Related information for $2021$ is as follows $($$ in millions$)$:Customer advances balance, Dec. $31,2020$Advances received with $2021$ ordersAdvances applicable to orders shipped in $2021$Advances from orders canceled in $2021$$ $11019518045$What amount should Lake report as a current liability for advances from customers in its Dec. $31,2021,$ balance sheet?$4.$ Peterson Photoshop sold $$1,000$ in gift cards on a special promotion on October $15,2021$and sold $$1,500$ in gift cards on another special promotion on November $15,2021.$ Of the cards sold in October, $$100$ were redeemed in October, $$250$ in November, and $$300$ in December. Of the gift cards sold in November, $$150$ were redeemed in November and $$350$ were redeemed in December. Peterson views the probability of redemption of a gift card as remote if the card has not been redeemed within two months. At $12/31/2021,$ Peterson would show a deferred revenue account for the gift cards with a balance of:$5.$ After the end of the $2021$ fiscal year but before financial statements were issued, EPKCompany learned that an arbitrator had made a $$10$ million judgment in a litigation judgment against it$.$ The claim had been made in $2020$ for alleged defects of products sold in $2019.$ Prior to learning of the judgment, EPK had not accrued any litigation loss, and does not plan to appeal. For the $2021$ fiscal year, EPK should:A$)$ Disclose the potential for a judgment in the notes, but not indicate the amount, since the judgment was made after fiscal year end.B$)$ Disclose in the notes that a $$10$ million judgment was made after fiscal year end.C$)$ Accrue a $$10$ million liability and explain it in a note to the financial statements.D$)$ Do nothing relative to the contingency$\mathrm{.}6.$ At the beginning of $2021,$ Angel Corporation began offering a two$-$year warranty on its products. The warranty program was expected to cost Angel $4\%$ of net sales. Net sales made under warranty in $2021$ were $$180$ million. Fifteen percent of the units sold were returned in $2021$ and repaired or replaced at a cost of $$5\mathrm{.}3$ million. The amount of warranty expense on Angel's $2021$ income statement is: