Assume ABC Company deposits $90,000 with First National Bank in an account earning interest at 6% per annum, compounded semi-annually. How much will ABC have in the account after six years if interest is reinvested? O a $128,318 1.$120,953 O $117.000 od 5120442 QUESTION 10 Which of the following recording procedures would result in the highest net income for 2017? 1. Recording purchases at gross amounts 2 Recording purchases at net amounts, with the amount of discounts not taken shown under "other expenses in the income statement a. 1 6.2 OC. Either 1 or 2 will result in the same net income Od cannot be determined from the information provided In a period of rising prices, the inventory method which tends to give the highest reported net income is O a first-in, first-out. Ob last-in, first-out O base stock od weighted average. QUESTION 12 Panda Corporation paid cash of $120,000 on June 1, 2017 for one year's rent in advance and recorded the transaction with a debit to Prepaid Rent. The December 31, 2017 adjusting entry is O a debit Prepaid Rent and credit Cash, 550,000. Ob debit Rent Expense and credit Prepaid Rent, $70,000. O debit Prepaid Rent and credit Rent Expense $50,000 Od debit Rent Expense and credit Prepaid Rent, $50,000 O debit Prepaid Rent and credit Rent Expense 570,000