Assume that Premium Golf Equipment completed these selected transactions during December 2020:

a. Sales of \(\$ 3,000,000\) are subject to estimated warranty cost of \(3 \%\). The estimated warranty payable at the beginning of the year was \(\$ 30,000\), and warranty payments for the year totalled \(\$ 60,000\).

b. On December 1, 2020, Premium signed a \(\$ 150,000\) note that requires annual payments of \(\$ 30,000\) plus \(5 \%\) interest on the unpaid balance each December 1 .

c. Golf Town, a chain of golf stores, ordered \(\$ 125,000\) of golf equipment. With its order, Golf Town sent a cheque for \(\$ 125,000\), and Premium shipped \(\$ 100,000\) of the goods. Premium will ship the remainder of the goods on January 3, 2021.

d. The December gross payroll of \(\$ 100,000\) is subject to employee income tax withholdings of \(\$ 25,000\), Canada Pension Plan contributions of \(5.1 \%\), and Employment Insurance premiums of \(1.62 \%\), along with the company's share of Canada Pension Plan contributions and Employment Insurance premiums. On December 31, Premium pays employees their take-home pay and accrues all tax amounts owing for the December payroll.

{Requirement}

For each transaction, determine the types and amounts of liabilities to be reported on the December 31, 2020 balance sheet and classify them as current or long-term. Show a total for current liabilities.