A company operates on a calendar-year basis. At the beginning of December 2020, Sutton had the following liabilities listed on its books:

Account Name	Balance
account payable	80 000
unearned revenue	10 000
bank loan payable, current	500
warranty liability	47 000
Wage payable	1 000
Note payable,8% non current	50 000
Gift card liabilities	21 000

During December 2020, the following events occured:

- Purchased equipment at a cost of 42 000 on account, payable on January 15, 2021. Freight charges were 3 500 payable on January 2.

- Purchased inventory for 86 000 on account

- Made payments of 96 000 on account to suppliers.

- The company earned half of the unearned revenues for repaire services that had been prepaid by customers prior to December 1.

- Borrowed 70 000 from the Bank on December 30 at 6% annual interest. The 70 000 principal and interest rate due 3 months from the date of the loan.

- Sutton's products are sold with a 1 -year warranty. The company computes its warranty expense for the year (not previously recorded) as 22 000. During December, the company paid 1 000 in warranty claims

- Employees of the company are paid a total of 1500 per day. Five work days elapsed between the last payday and the end of the fiscal year.

- The 8% note is payable in annual principal installments of 5000$ on January 1st of each year. Interest on the note is paid every jan 1st.

- Customers redeemed third of the gift cards.

QUESTION:

- Identify the accounts that should be reported in the CURRENT Liabilities section on this company's balance sheet as of DECEMBER 31, 2020 and their respective balances at that date, as indicated below. Show your calculations.(No journal entries required)

PLEASE AND THANK YOU