help please

Rogers started Packers, Inc., a retail store on January 1, 2018. Initial capital was acquired by his own money and by obtaining a bank loan Rogers has kept some records below and is asking for your help in determining current liabilities for the year ended December 31, 2018. Assume financial statements are filed on March 31, 2019. On March 31, 2018, Packers borrowed $120,000 at 10% with annual interest payments. Packers paid $319,000 in cash for purchases of inventory and all purchases were cash purchases. Packers rent the idle retail space for $2,000 per month. $48,000 of rent was paid by tenants in advance on January 1, 2018. Packers provided a two-year warranty against any defects. Warranty costs are expected to approximate 10% of sales. Actual warranty expenditures are $10,000. Cash receipts from customers are $484,000. Customers owe $20,000 on December 31, 2018 A $5,000 million lawsuit was filed against Packers for spoiled milk on June 30, 2018. The suit is in final appeal and attorneys advise that it is virtually certain that Packers will lose the case. So, Packers reached to a settlement of $3,000 on January 15, 2019, Based on the information provided by Rogers, determine current liabilities on December 31, 2018. $52.400 None of other answer choices is correct O $73.400 $76,400 Lewis Company files a lawsuit against Clark Corp. for $10,000,000 in December 2017 alleging patent infringement. Clark Corp's management thinks it is reasonably possible that Clark Corp, will eventually have to pay something to settle the suit, and the estimate of the expected amount is reasonably estimable, $3,000,000. New evidence that arose on January, 2018 suggests that it is probable that Clark Corp. will eventually have to pay $3,000,000 to settle the suit. Clark filed its financial statements under U.S. GAAP on March 31, 2018. How were Clark Corp's assets, liabilities, and retained earnings of 2017 affected by this lawsuit? Assets, no effect / Liability, no effect / Retained earnings. no effect Assets, higher $10M / Liability, higher by $10M / Retained earnings, lower by $10M None of other answer choices is correct Assets, no effect / Liability, higher by $10M / Retained earnings, lower by $10M