Camden Biotechnology began operations in September 2012. The following selected transactions relate to liabilities of the company for September 2012 through March 2013. Camden's fiscal year ends on December 31. Its financial statements are issued in April. 2012 a. On September 5, opened checking accounts at Second Commercial Bank and negotiated a short-term line of credit of up to $15,000,000 at the bank's prime rate (10.5% at the time). The company will pay no commitment fees. b. On October 1, borrowed $12 million cash from Second Commercial Bank under the line of credit and c. Received $2,600 of refundable deposits in December for reusable containers used to transport and store d. For the September-December period, sales on account totaled $4,100,000. The state sales tax rate is issued a five-month promissory note. Interest at the prime rate of 10% was payable at maturity Management planned to issue 10-year bonds in February to repay the note chemical-based products. 3% and the local sales tax rate is 3%. (This is a summary journal entry for the many individual sales transactions for the period.) Recorded the adjusting entry for accrued interest. e. 2013 f. In February, issued $10 million of 10-year bonds at face value and paid the bank loan on the March 1 due date g. Half of the storage containers covered by refundable deposits were returned in March. The remaining containers are expected to be returned during the next six months. 2. Prepare the current and long-term liability sections of the December 31, 2012, statement of financial position. Trade accounts payable on that date were $252,000. (Enter your answers in dollars not in millions.) statement of financial position (Partial) At December 31, 2012 Current Liabilities $252000 Accounts payable Current portion of bank loan V Liability-refundable deposits Sales taxes payable Accrued interest payable 2600 246000 300000 s12800600 Total current liabilities 3. Prepare requirement 2 under U.S. GAAP statement of financial position (Partial) At December 31, 2012 Current Liabilities Accounts payable Current portion of bank loan Liability-refundable deposits Sales taxes payable Accrued interest payable 252000 2600 246000 300000 Total current liabilities Long-Term Liabilities Bank loan to be refinanced on a long-term basis