1. On December 1, 2015, company signed a $300,000, 5%, six month note payable with the amount borrowed plus accrued interest due six months later on June 1, 2016. The company records the appropriate adjusting entry for the note on December 31, 2015. What amount of cash will be needed to pay back the note payable plus any accrued interest on June 1, 2016? A) $300,000 B) $301,250 C) $306,250 D) $307,500 2. If you pay for $25.00 for purchase which includes 11% sales tax. How much is the sales tax? A) $2.48 B) $2.75 C) $3.00 D) $2.55 3. Which of the following is not a characteristic of debenture Bonds? A) payment of interest to bondholders is required B) they are not secured by any specific assets of the corporation C) bondholders have priority over common stockholders in the liquidation of assets D) bonds cannot be retired before the end of their life