Salt Air Marine experienced these events during the current year.
a. December revenue totaled $150,000; and, in addition, Salt Air collected sales tax of 6%. The tax amount will be sent to the state of North Carolina early in January.
b. On August 31, Salt Air signed a six-month, 4% note payable to purchase a boat costing $81,000. The note requires payment of principal and interest at maturity.
c. On August 31, Salt Air received cash of $3,000 in advance for service revenue. This revenue will be earned evenly over six months.
d. Revenues of $800,000 were covered by Salt Air’s service warranty. At January 1, estimated warranty payable was $11,300. During the year, Salt Air recorded warranty expense of $32,000 and paid warranty claims of $34,500.
e. Salt Air owes $100,000 on a long-term note payable. At December 31, 6% interest for the year plus $20,000 of this principal are payable within one year.

Requirement
1. For each item, indicate the account and the related amount to be reported as a current liability on the Salt Air Marine balance sheet at December 31.