Please solve this problem:

You and several classmates are studying for the next accounting examination. They ask you to answer the following questions: 1. If cash is borrowed on a $54,000, 9-month, 10% note on August 1, how much interest expense would be incurred by December 31? 2. The cash register total including sales taxes is $40, 950, and the sales tax rate is 5%. What is the sales taxes payable? 3. If $40, 950 is collected in advance on November 1 for 5-month magazine subscriptions, what amount of subscription revenue should be recognized on December 31