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QUESTION 26 On March 1, 2018, Barker Services issued a 5% long-term notes payable for $25,000. It is payable over a 5-year term in $5000 annual principal payments on March 1 of each year plus interest, beginning March 1, 2019. How will the notes payable be shown on the balance sheet dated December 31, 2018? $5,000 shown as current liability and $25,000 shown as long-term liability the entire $25,000 shown as long-term liability $10,000 shown as current liability and $15,000 shown as long-term liability $5,000 shown as current liability and $20,000 shown as long-term liability QUESTION 27 The cost of an asset is $1,070,000, and its residual value is $220,000. Estimated useful life of the asset is ten years. Calculate depreciation for the first year using the double-declining-balance method of depreciation. (Do not round any intermediate calculations, and round your final answer to the nearest dollar.) $107.000 $170,000 $85,000 $214,000 QUESTION 28 On January 1, 2018, West Coast Boats paid $ 1,850,000 for its 35% investment in East Coast Autos. After the purchase, West Coast Boats has significant influence over East Coast Autos. East Coast Autos eamed net income of $30,000,000 and paid cash dividends of $15,000,000 to all outstanding stockholders during 2018. Assume all outstanding stock is voting stock. What is the December 31, 2018 balance of the investment account (Equity Investments - East Coast Autos)? $7,400,000 $7,300,000 $7,100,000 $7,200,000