Current Liabilities and Payroll 333 Exercise 11-16 O Assume Salem Electronics completed these selected transactions during December 2016 1. Music For You Inc. a chain of music stones, ordered $105.000 worth of CD players. With its order, Music For You Inc, senta cheque for $105,000. Salem Electronics will ship the goods on January 3, 2017 2. The December payroll of $600,000 is subject to employee withheld income tax of 16 percent, CPP expenses of 4.95 percent for the employee and 4.95 percent for the employer, and El deductions of 1.88 percent for the employee and 14 times the employee rate of 1.89 percent for the employer. On December 31, Salem Electronics pays employees but accrues all tax amounts. Employees have not reached CPP or El maximums. 3. Sales of $20,000,000 are subject to estimated warranty cost of 1 percent. This was the first year the company provided a war ranty, and no warranty claims have been recorded or paid. 4. On December 2 Salem Electronics signed a $50,000 note payable that requires annual payments of $10,000 plus 5 percent interest on the unpaid balance each December 2. Salem calculates interest on this note based on days, not months. Required Report these items on Salem Electronics' balance sheet at December 31, 2016, Calculations SUUUUUU