Leon's Furniture Limited is one of Canada's largest home furnishing retailers, with a network of 75 stores selling a wide range of furniture, major appliances, and home electronics. The company reported the following items in its statement of financial position dated December 31, 2015 (in thousands of Canadian dollars):

Required

1. Define each of the current liabilities and identify the types of transactions that cause each liability to change (increase, decrease).2. The company reported that $43,335 of deferred warranty plan revenue was earned during fiscal year 2015. Determine the amount that was collected in advance front customers during 2015, and prepare the related journal entry.3. The company's board of directors declared dividends of $28,501 during 2015. Prepare the journal entries to record the declaration and payment of dividends during 2015.

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December 31, 2015 December 31, 2014 Current liabilities Trade and other payables Customers' deposits $206,076 $197,044 97,705 112,446 7,141 49,380 Dividends payable Deferred warranty plan revenue 7,106 51,111