Problem 3: Current Liabilities (14 points) Palmer Corporation had the following transactions relating to year-end liabilities: Palmer borrowed $150,000 on March 1 at an interest rate of 4%. Interest payments are due every six months. Palmer sells gift cards. The liability on January 1 was $1,500. Gift card sales in 2021 were $2,800 and a total of $3,100 in gift cards were redeemed. Palmer gives a two-year warranty with product sales. The beginning balance in the warranty payable account was $10,000 Total sales were $2,000,000 and the estimated warranty percentage is 2.50%. Actual claims paid in 2021 were $45,000 Required How much interest was paid on September 1? What is the amount of interest payable at December 31? What is the total amount of interest expense for 2021? What is the amount of revenue to be recognized regarding gift cards? What is the ending liability regarding gift cards at the end of the year? What is the amount of the warranty expense to be recorded in 2021? What is the ending balance in warranty payable at the end of the year?