Kieso, Intermediate Accounting, 16e Gradeheok ORION Downlondable eTextbook Exercise 5-10 2 Your answer is partally correct. Try again. Norma Smith is the controller of Baylor Corporation and is responsible for the preparation of the year-end financial statements. For each of the following transactions that occurred during the year, indicate the dollar amount to be reported as a current liability as of December 31, 2017. (Enter O for amounts if no current Rability (a) On December 20, 2017, a former employee fled a legal action against Baylor for $100,000 fr wrongful distmisal. Management bjeves the action to be frivolous and without ment. The likelshood of (b) Bonuses to key emplayees based on net income for 2017 are estimated to be $150,000 (c) On December 1, 2017, the company borrowed S600.000 at 8% per year. Interest is paid quarterly d Accounts recevable at December 31, 2017, s $10,000.000. An aging analys s dates that Bay or s expense provision or doubt accounts s est ated to be 3% the sce ables balance. (e) On December 15, 2017, the company declared a $2.00 per share dividend on the 40,000 shares of common stock outstanding, to be paid on January 5, 2018. (1) During the year, customer advances of $160,00 were received; $50,00 of this amount was earned by December 31, 2017 Click if you would like to Show Work for this question: Qpen Show Work ARyts Reserved. A Divisin :/Mewier secrete PLoN INTERMEDIATE ACCOUNTING 1/11/111 (ACC 0 r the preparation of the year end financial statements. ate the doliar amount to be reported as a current liability as of December 31, 2017. (Enter 0 for amounts if no current lability is to be reported. Do st Baylor for $100,000 for wrongful dismissal. Management believes the action to be ated to be $150,000. year. Interest is paid quarterly g analyses indicates that Baylor's expense provision for doubtful accounts is estimated to be 3% of the recevables balance idend on the 40,000 shares of common stock outstanding,to be paid on January 5, 2018 2.000 of this amount was earned by December 31, 2017 Reported as frvolous and without ment. The likelhood of payment to the employeeis remote. 0 Not a Current Liability Current Lability 4076.71Current Lability 000000 Not a current Liabln/ 800000 Current Lablity 50000 Current Lablity