Ava Corporation borrowed $26,610 from the bank on November 1, Year 1. The note had a(n) 6 percent annual rate of interest and matured on April 30, Year 2. Interest and principal were paid in cash on the maturity date. What amount of interest expense was recognized on the Year 2 income statement? Huxley Company issued $97,000 face value of bonds on January 1, 2018. The bonds had a 7 percent stated rate of interest and a ten-year term. Interest is paid in cash annually, beginning December 31, 2018. The bonds were issued at 106 What is the interest expense Huxley will report on its 2019 income statement? $ The following selected transactions apply to Emma's Place for November and December, Year 1. November was the first month of operations. Sales tax is collected at the time of sale but is not paid to the state sales tax agency until the following month. 1. Cash sales for November, Year 1 were $14,500 plus sales tax of 5 percent. 2. Emma's Place paid the November sales tax to the state agency on December 10, Year 1. 3. Cash sales for December, Year 1 were $50,800 plus sales tax of 5 percent. What was the total amount of sales tax paid in Year 1? On January 1, 2018, Bodie Company borrowed $59,339 cash from the Broadway Bank. In exchange for the money, Bodie issued the bank a five-year installment note with a 9 percent fixed interest rate. The loan agreement required Bodie to pay five equal installments of $12,984. After making the 1st payment the balance of the note on 12/31.2018 will be $