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 $60,000,11-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 $44,205, and the sales tax rate is5%. What is the sales taxes payable? $

3.If $44,205is collected in advance on November 1 for7-month magazine subscriptions, what amount of subscription revenue should be recognized on December 31? $