27 points On January 1, Knob Hill Co, signs a nole for $360,000 to acquire a new building. The note is due in 10 years, includes an annual interest rate at 7%, and requires serannual interest payments each June 30 and December 31. The journal entry to record the issuance of the promissory note for the building purchase on January is Debt Building for $360,000,cabit interest Expense for $25,200, credt Mongage Payable for $300,000, and credit interest Payable $25,200 Debit interest Payable and credit Cash for $25.200 O Debt Building and credit Mortgage Payable for $300,000 Debit Mortgage Payable for $340,000, debitirerest Experte for $21,200, credit Cash for $300,000, and credit interest Payable for $23.200. 28 Non-cumulative preferred stock will pay dividends in arrears to preferred stockholders. True O False 29 The total amount of cash and the corporation receives from a cheiden change for its Always equal to its par value Referred to as Retained Earnings Always credited to Common Stock Referred to as Paid-in Capital OOOO