You and several classmates are studying for the next accounting exam. They ask you to answer the following questions. 1. If cash is borrowed on a $80,000, 9-month, 6% note on August 1. how much interest expense would be incurred by December 31? Interest expense $ 2000 2. The cash register total including sales taxes is $53,000, and the sales tax rate is 6%. What is the sales taxes payable? Sales taxes payable $ 3. If $51,000 is collected in advance on November 1 for 6-month magazine subscriptions, what amount of subscription revenue should be recognized on December 31? Subscription revenue $