Analyzing and Determining the Amount of a Liability For each of the following situations, indicate the liability amount, if any, which is reported on the balance sheet of Hirst, Inc., at December 31, 2015. Hirst owes $94,000 at year-end 2015 for its inventory purchases b. Hirst agreed to purchase a $26,000 drill press in January 2016 During November and December of 2015 Hirst sold products to a firm with a 90-day warranty against product failure. Estimated 2016 costs of honoring this warranty are $2,700 d. Hirst provides a profit sharing bonus for its executives equal to 5% of its reported pretax annual income The estimated pretax income for 2015 is $550,000. Bonuses are not paid until January of the following year