Perfect PIcture Inc. (PPI) experlenced the following transactlons during Year 2. The transactions are summarlzed (transaction data pertaln to the full year) and limited to those that affect the company's current liabilities. 1. PPI had cash sales of $833,000. The state requires that PPI charge customers an 6 percent sales tax (Ignore cost of goods sold). 2. PPI pald the state sales tax authority $44,000. 3. On March 1, PPI Issued a note payable to the County Bank. PPI recelved $63,000 cash (princlpal balance). The note had a one-year term and a 6 percent annual interest rate. 4. On December 31, PPI recognized accrued Interest on the note issued in Event 3. 5. On December 31, PPI recognized warranty expense at the rate of 2 percent of sales. 6. PPI pald $14,000 cash to settle warranty claims. 7. On January 1, Year 1, PPI Issued a $113,000 Installment note. The note had a 10-year term and a 6 percent Interest rate. PPI agreed to repay the principal and Interest In 10 annual Interest payments of $15,353.07 at the end of each year. While the note was Issued In Year 1, the effects of Interest appear In the Year 2 balance sheet. Required Prepare the llabilitles sectlon of the December 31, Year 2 balance sheet. (Do not round Intermedlate calculations and round final answers to nearest whole dollar.)