Company $500,000 on JanuaryI. (1) Moss County Bank agrees to lend the Sadowski Brick Sedemkl Brick Company signs a S500,000, 6%, 9-month note, what is the adjusting entry required if Sedowski Brick Company prepares financial statements on June 30? a. Interest Expense 15,000 Interest Payable 15,000 b. Interest Expense 15,000 Cash 15,000 10-3 Chapter 10-Reporting and Analyzing Liabilities c. Interest Payable 15,000 Cash 15,000 d. Interest Payable 15,000 Interest Expense 15,000 (2) A retail store credited the Sales Revenue account for the sales price and the amount of sales tax on sales. If the sales tax rate is 5% and the balance in the Sales Revenue account amounted to $294,000, what is the amount of the sales taxes owed to the taxing agency? a. $280,000 b. $294,000 C. $14,700 d. $14,000 (3) On January 1, 2017, Ermler Company, a calendar-year company, issued $2,000,000 of notes payable, of which $500,000 is due on January 1 for each of the next four years. The proper balance sheet presentation on December 31, 2017, is a. Current liabilities, $2,000,000. b. Long-term debt, $2,000,000. c. Current liabilities, S500,000; Long-term Debt, $1,000,000. d. Current liabilities, $500,000; Long-term Debt, S1,500,000