Catalin Corp. had the following events during the final three months of its fiscal year $2023$:

a$.$ January $10,2024$: Sold merchandise on account. In addition to the invoice price of $$22,600,$

the client also had to pay a $15\%$ sales tax. The cost of merchandise sold

represents $70\%$ of sales. Catalin uses a perpetual inventory system.

Expected warranty claim is estimated at $2\%$ of sales.

b$.$ March $1,2024$: Signed a six$-$month, $9\%$ note payable of $$200,000$ in order to purchase a

land for future expansion. Interest is payable at maturity.

Required:

$1.$ How are all liabilities arising from these transactions reported on Catalin$$s Statement of

Financial Position as at March $31,2024?$ You only have to state the relevant account

names and the dollar amount. A $($partial$)$ statement of financial position is not required.

$2.[$Bonus$]$How do these transactions impact Catalin$$s Statement of Cash Flows? You only

have to state $($a$)$ the direction of the impact $($i$.$e$.,$ increase or decrease$)$ and $($b$)$ the type

of cash flows $($i$.$e$,$ operating, investing, or financing$).$ A $($partial$)$ statement of cash flows

is not required.