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 $53,400, 11-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 $41,055, and the sates tax rate is 5%. What is the sales taxes payable? 3. If $41,055 is collected in advance on November 1 for 5-month magazine subscriptions, what amount of subscription revenue is earned by December 31