Reporting Liabilities Morton Electronics had the following obligations: a. A legally enforceable claim against the business to be paid in 3 months. b. A guarantee given by a seller to a purchaser to repair or replace defective goods during the first 6 months following a sale. C. An amount payable to Bank One in 10 years. d. An amount to be paid next year to Citibank on a long-term note payable. Required: Conceptual Connection: Indicate how each of these items should be reported in the balance sheet. a. A legally enforceable claim against the business to be paid in 3 months. b. A guarantee given by a seller to a purchaser to repair or replace defective goods during the first 6 months following a sale. C. An amount payable to Bank One in 10 years. d. An amount to be paid next year to Citibank on a long-term note payable. Accrued Liabilities Piltdown Carpet had the following items that require adjusting entries at the end of the year. a. Piltdown pays payroll of $31.500 every other Friday for a two-week period. The last payday is Friday, December 20th. (Note: The work week is Monday through Friday.) b. Piltdown purchased $100,000 of tile on March 1 with a note payable requiring 12% interest. The interest and principal on this note are due within one year. As of December 31, Pltdown had not made any principal or interest payments c. Pltdown's earned Income is $500,000 for the year for tax purposes. Its effective tax rate is 25. These taxes must be paid by April 15 of next year. Required: Prepare the adjusting journal entries to record these transactions at the end of the current year. 0 (Record accrued wages) (Record accrued interest) (Record accrued Income taxes)