Assume that the Camille Plastics Inc., a manufacturer of plastic pipe for the construction industry and located in Red Deer, Alberta, faced the following liability situations at June 30, 2017, the end of the company's fiscal year. Show how Camille Plastics Inc. would report these liabilities on its balance sheet at June 30, 2017. (Click on the icon to view the situations.) a. Long-term debt totals $7.5 million and is payable in annual instalments of $1.5 million each. The interest rate on the debt is 4%, and the interest is paid each December 31. (Enter all amounts in whole dollars. If a box is not used in the table, leave the box empty; do not select a label or enter a zero.) Liabilities at June 30, 2017: Current liabilities: Current portion of long-term debt Long-term liabilities: b. Salary expense for the last payroll period of the year was $100,000. Of this amount, employees' income tax of $20,000 was withheld, and other withholdings and employee benefits were $7,900. These payroll amounts will be paid in early July. (Enter all amounts in whole dollars. If a box is not used in the table, leave the box empty; do not select a label or enter a zero.) Liabilities at June 30, 2017: Current liabilities: Long-term liabilities: c. Since the last reporting period, GST of $340,000 had been collected, and ITCs of $82,000 had been earned. (Enter all amounts in whole dollars. If a box is not used in the table, leave the box empty; do not select a label or enter a zero.) Liabilities at June 30, 2017: Current liabilities: Long-term liabilities: d. On fiscal-year 2017 sales of $21 million, management estimates warranty expense of 4%. One year ago, at June 30, 2016, Estimated Warranty Liability stood at $180,000. Warranty payments were $375,000 during the year ended June 30, 2017. (Enter all amounts in whole dollars. If a box is not used in the table, leave the box empty; do not select a label or enter a zero.) Liabilities at June 30, 2017: Current liabilities: Long-term liabilities: A Situations a. Long-term debt totals $7.5 million and is payable in annual instalments of $1.5 million each. The interest rate on the debt is 4%, and the interest is paid each December 31. b. Salary expense for the last payroll period of the year was $100,000. Of this amount, employees' income tax of $20,000 was withheld, and other withholdings and employee benefits were $7,900. These payroll amounts will be paid in early July. C. Since the last reporting period, GST of $340,000 had been collected, and ITCs of $82,000 had been earned. d. On fiscal-year 2017 sales of $21 million, management estimates warranty expense of 4%. One year ago, at June 30, 2016, Estimated Warranty Liability stood at $180,000. Warranty payments were $375,000 during the year ended June 30, 2017. Print Done