12. Company A has the following information excerpted from its financial statements: Suppose the company has only two liability accounts as of Dec. 31, Year 2: Accounts Payable and Loan Payable. Which of the following statements is correct? The balance in Loan Payable as of Dec. 31 Year 3 is $2,840. The balance in Loan Payable as of Dec. 31 Year 1 is $2,840. The balance in Loan Payable as of Dec. 31 Year 1 is $9,240. The balance in Loan Payable as of Dec. 31 Year 3 is $10,000