Report current and long-term liabilities.

(Learning Objectives 1, 5: Report current and long-term liabilities)Assume that Banff Electronics completed these selected transactions during March 2012:

• a.Sales of $2,400,000 are subject to estimated warranty cost of 4%. The estimated warranty payable at the beginning of the year was $35,000, and warranty payments for the year totaled $57,000.
• b.On March 1, Banff Electronics signed a $65,000 note payable that requires annual payments of $16,250 plus 7% interest on the unpaid balance each March 2.
• c.Music For You, Inc., a chain of music stores, ordered $100,000 worth of CD players. With its order, Music For You, Inc., sent a check for $100,000 in advance, and Banff shipped $85,000 of the goods. Banff will ship the remainder of the goods on April 3, 2012.
• d.The March payroll of $320,000 is subject to employee withheld income tax of $30,900 and FICA tax of 7.65%. On March 31, Banff pays employees their take-home pay and accrues all tax amounts