Part A: Andorra International Ltd manufactures foldable furniture and started operations in 2019. The company's financial year ends at Dec 31 each year. During December, the company had the following transactions. Dec 1 Purchased a delivery truck for $160,000. Paid $100,000 in cash and the balance $60,000 by signing a 6-month, 8% note. 10 Sold inventory on account totaling $ 145,000. Customers are required to pay 10% goods & services tax (GST) additionally. 15 The inventory sold carried 2-year warranty. The company estimated the repairing cost to be 6% of the sales. 25 Paid $10,000 to the taxation department for GST collected 31 Accrued 1-month interest on the note issued on Dec 1. Required: 1. Prepare journal entries (without explanations) to record the December transactions. (12 marks) 2. Prepare the "Current liabilities section of the Statement of Financial Position at 31 December, 2019. (2 marks) Part B: 1. What is the meaning of liabilities in accounting? 2. What are "current liabilities reported on the statement of financial position? (4 marks)