Marked outo Flas qustion ASSIGNMEN Analyzing and Determining Liability Amounts For each of the following situations, indicate the liability amount, if any, that is reported on the balance sheet of Bloomington Inc. at December 31, 2016. 6 7 8 Next to each situation, enter the liability amount reported on Bloomington's balance sheet.iIf the amount is not reported as a liability, enter zero as your answer. a. Bloomington owes $220,000 at year-end 2016 for inventory purchase. b Bloomington agreed to purchase a s28000 drill press in January 2017 6. Bloomington sold products to a customer and warrented them against c During November and December of 2016 product failure for 90 days. Estimated costs of honoring this 90-day warranty during 2017 are s3 100 a. Bloomington provides a profit-sharing bonus for ics executive equal toS% of reported tax annual income estimated pretax income for 2016 5 5800,000. Bonuses are not paiounti jenuary of the following year. te, Check Next page