Your answer is incorrect. 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 $54,000, 10-month, 10% note on August 1, how much interest expense would be incurred by December 31? 2,250 2. The cash register total including sales taxes is $42,315, and the sales tax rate is 5%. What is the sales taxes payable? $ 2115 3. If $42,315 is collected in advance on November 1 for 5-month magazine subscriptions, what amount of subscription revenue should be recognized on December 31? $