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 $80,520,9 month, 6% note on August 1 , how much interest expense would be incurred by December 31 ? 2. The cash register total including sales taxes is $46,200, and the sales tax rate is 5%. What is the sales taxes payable? 3. If $60,600 is collected in advance on November 1 for 6-month magazine subscriptions, what amount of subscription revenue should be recognized by December 31