Record current liabilities.) Chen Wholesalers Ltd. has a December 31 year end. The company incurred the following transactions related to current liabilities:Chen's cash register showed the following totals at the end of the day on March 17: pre-tax sales $50,000, GST $2,500, and PST $3,500.Chen remitted $49,000 of sales taxes owing from March to the government on April 30.Chen paid its employees for the week of August 15 on August 20. The gross pay was $80,000. The company deducted $4,240 for CPP, $1,264 for EI, $6,400 for pension, and $12,400 for income tax from the employees' pay.Chen recorded the employer portions of CPP and EI for the week of August 15 on August 20 for $4,240 and $1,770, respectively.On September 15, all amounts owing for employee income taxes, CPP, and EI pertaining to the payroll transactions above were paid.On December 31, Chen's legal counsel believes that the company will have to pay damages of $50,000 next year to a local utility company. (Hint: This will affect the Utility Expense account.)