The following selected transactions were taken from the books of Ripley Company for Year 1 : 1. On February 1, Year 1, borrowed $53,000 cash from the local bank. The note had a 6 percent interest rate and was due on June 1 , Year 1. 2. Cash sales for the year amounted to $235,000 plus sales tax at the rate of 6 percent. 3. Ripley provides a 90-day warranty on the merchandise sold. The warranty expense is estimated to be 3 percent of sales. 4. Paid the sales tax to the state sales tax agency on $190,000 of the sales. 5. Paid the note due on June 1 and the related interest. 6. On November 1 , Year 1 , borrowed $46,000 cash from the local bank, The note had a 8 percent interest rate and a one-year term fo maturity. 7. Paid $3,300 in warranty repairs. 8. A customer has filed a lawsuit against Ripley for $0.8 million for breach of contract. The company attorney does nt believe the suit has merit. Post the llabilities transactions to T-accounts at December 31, Year 1 . (Do not round intermediate calculations. Round dollar amount.)