Ava Corporation borrowed $71,880 from the bank on November 1, Year 1. The note had a(n) 7 percent annual rate of interest and matured on April 30, Year 2. Interest and principal were paid in cash on the maturity date. What amount of total liabilities was reported on the December 31, Year 1, balance sheet? HEB Co has the following events occur 1) HEB Co sells $4,525 of merchandise for cash. The merchandise had a cost of $1,751. 2) HEB Co estimates that warranty expense associated with the current sale will be $316. 3) HEB Co pays $104 cash to repair defective merchandise returned by a customer. Net income after these transactions will be $