Do It! Review 10-1a You and several classmates are studying for the next accounting examination. They ask you to answer the following questions: If cash is borrowed on a $60,000, 9-month, 10% note on August 1, how much interest expense would be incurred by 1. December 31? The cash register total including sales taxes is $42,000, and the sales tax rate is 5%. What is the sales taxes 2. payable? 3. If $42,000 is collected in advance on November 1 for 6-month magazine subscriptions, what amount of subscription revenue should be recognized on December 31