Amy Liu is the controller of Ace Corporation and is responsible for the preparation of year-end financial statements on December 31, 2020. Ace prepares financial statements in accordance with ASPE. Listed in the table below are some transactions that occurred during the year. For each item, indicate the account name and dollar amount to be reported as a current liability at end of the year. If a liability is not reported, briefly explain why. Item Account Name of Dollar Amount of Current Liability on Current Liability on December 31, 2020. December 31, 2020 1. On November1, 2020, the company borrowed $800,000 due in 2 years at 6% per year. Interest is paid quarterly 2. On December 15, 2020, the company declared a $2.00 per common share dividend on the $20,000 common shares outstanding to be paid on January 15, 2021 3. At December 31, 2019, customer advances were $20,000. During 2020 year, customer advances of $180,000 were received; $60,000 of this amount was earned by December 31, 2020