Do It! Review 11-01 You and several classmates are studying for the next accounting exam. They ask you to answer the following questions: (Round answers to 0 decimal places, e.g. 125.) 1. If cash is borrowed on a $87,480, 9-month, 6% note on August 1, how much interest expense would be incurred by December 317 Interest expense 2. The cash register total including sales taxes is $46,200, and the sales tax rate is 5%. What is the sales taxes payable? Sales taxes payable 3. If $47,940 is collected in advance on November 1 for 6-month magazine subscriptions, what amount of subscription revenue should be recognized by December 31? Subscription rever revenue