5. On November 16, 2015, Source for Sports gave Kinsmen Sports a 90-day, 12%, 560,000 note payable to extend a past due account payable. Prepare the journal entry for Source for Sports to record the note and the extension of the past due account. 6. On November 16, 2015, Williams Industrial gave Phillip Co. a 90-day, 8%, $80,000 note payable to extend a past due account payable. Prepare the journal entry for Williams Industrial to record payment of the note on Feb 14, 2016. Williams Industrial recorded a December 31" year end adjusting entry. 7. Elder Helpers Ltd estimates its income taxes at 35% of pre- tax income. For the quarter ended September 30, pre-tax income was $300,000. Prepare the journal entry to record the estimated income taxes and the subsequent remittance on October 5. 8. A company sells its product subject to a warranty that covers the cost of parts and labour for repairs during the six months after sale. Warranty costs are estimated to be 4.5% of sales for parts, and 1.5% of sales for labour. During the month of June, the company performed warranty work and used $8,000 worth of parts and paid $4,000 in wages for labour to do the warranty work. Sales for June amounted to $450,000. (1) What account should be debited for the $4,000 in labour? (2) What should be the amount of estimated warranty expense for June? (3) If the Estimated Warranty Liability account had a $10,000 credit balance on May 31, what should be the account balance as of June 302