Part A 1) What is the difference between a current and long-term liability? 2) What are some examples of known current liabilities? 3) How are known current liabilities different from estimated current liabilities? 4) What are some examples of estimated current liabilities? 5) How is an estimated current liability different from a contingent liability? Part B Calculate this: 1)On December 31, 2020, SAM Corporation borrowed $90,000 by signing an eight-year, 5% installment note. The note requires eight equal payments of accrued interest and principal on December 31 of each year from 2021 to 2028. Compute the amount for the eight equal payments and prepare an amortization table for this installment