You and several classmates are studying for the next accounting examintion. They ask you to answer the following questions: 1. If cash is borrowed on a $54,000,11month,10% note on August 1 , how much interest expense would be incurred by December 31 ? 2. The cash register total including sales taxes is $44,100, and the sales tax rate is 5%. What is the sales taxes payable? 3. If $44,100 is collected in advance on November 1 for 6 -month magazine subscriptions, what amount of subscription revenue should be recognized on December 31