Martinez Corp. has manufactured a broad range of quality products since 1994. The operating cycle of the business is less than one year. The following information is available for the company's Fiscal year ended February 28, 2023. Martinez follows ASPE.

Martinez has $4.1 million of bonds payable outstanding at February 29. 2023. Which were issued at par in 2012 and are due in 2032. The bonds carry an interest rate of 7%, payable semi-annually each June 1 and December 1.

2. Martinez has several notes payable outstanding with its primary banking institution at February 29. 2023. In each case, the annual interest is due on the anniversary date of the note each year (same as the due dates listed). The notes are as follows:

Due Date	Amount Due	Interest Rate
April.1, 2023	162,000	8%
Jan 31, 2024	192,000	9%
March. 15, 2024	504,000	7%
Oct 30, 2025	264,000	8%

3. Martinez uses the expense approach to account for assurance-type warranties. The company has a two-year warranty on selected products with an estimated cost of 1% of sales being returned in the 12 months following the sale, and a cost of 1.5% of sales being returned in months 13 to 24 Following the sale. The warranty liability outstanding at February 28. 2022 was $5,700. Sales of warrantied products in the year ended February 29. 2023, were $156,000. Actual warranty costs incurred during the current fiscal year are as follows

Warranty claims honoured on 2021-2022 sales $4,700

Warranty claims honoured on 2022-2023 sales 1,000

Total $5,700

4. The accounts payable subsidiary ledger shows balances of regular trade payables for supplies and purchases of goods and services on open account. Included in the net balance of $390,000 are accounts with credit balances totalling $410,000 and accounts with debit balances totalling $20,000 at February 29,2023. Included in trade payables is a short term loan of $22,000 owing to an affiliated company.

5. The following information relates to Martinez's payroll for the month of February 2023. Martinez's required contribution for El is 1.4 times the employee contribution; for CPP it is 1.0 times the employee contribution.

Salaries and wages outstanding at February 29, 2023 $225,000

For the last payroll of the year, the following unpaid balances apply;

El withheld from employees 10,100

CPP withheld from employees 16,500

Income taxes withheld from employees 48,400

Union dues withheld from employees 21,700

6. Martinez regularly pays GST owing to the Receiver General for Canada on the 15th of the month, Martinez's GST transactions include the GST that it charges to customers and the GST that it is charged by suppliers of goods and services. During February 2023, purchases attracted $27,800 of GST, while the GST charged on invoices to customers totalled $39,600. At January 31, 2023, the balances in the GST Receivable and GST Payable accounts were $33,400 and $59,200 respectively.

7. Other miscellaneous liabilities Included $50,000 of dividends payable on March 15, 2023, 520,000 of bonuses payable to company executives (75% payable in September 2023 and 25% payable in March 2024) and $76,000 in accrued audit fees covering the year ended February 29,2023.

8. Martinez sells gift cards to its customers. The company does not set a redemption date and customers can use their cards at any time. At March 1, 2022. Martinez had a balance outstanding of $104,000 in its Unearned Revenue account, Martinez received $24,000 in cash for gift cards purchased during the current year, and $37,300 in redemptions took place during the year. Based on past experience, 15% of customer gift card balances never get redeemed. At the end of each year, Martinez recognizes 15% of the opening balance of Unearned Revenue as earned during the year.

a) Prepare the current liability section of the February 29, 2023 balance sheet of Martinez. (Round answers to 0 decimal places, eg 5.2751)

(a) Prepare the current liability section of the February 29, 2023 balance sheet of Martinez. (Round answers to 0 decimal places, e.g. E 2751