(continued from the previous problem) If your company used the expected value method instead of the maximum likelihood method, which of the following statements would be true? (select all that apply - i.e., just one or as many as all of them) The journal entries recorded on 12/1 would be the same The Current Ratio for the year 2020 would be higher Net income for the year 2020 would be lower The change in net assets resulting from the journal entries recorded on 12/31 would be the same On 12/1/20 your company signs a contract to provide consultancy services for 4 months to a customer, who paid $200,000 immediately for the entire contract. Moreover, if your company will reach a specific performance target, the customer will pay additional $40,000 at the end of the contract. You estimate a 70% likelihood that you will reach the target. Assume your company adopts the most likely amount method. Which of the following statements are true? (select all that apply - i.e., just one or as many as all of them) The journal entries recorded on 12/1 do not modify the current ratio The journal entries recorded on 12/1 do not modify the quick ratio The journal entries recorded on 12/1 do not modify net assets On 12/1, an income statement account is credited for 200,000 On 12/1, a balance sheet account is credited for 200,000 On 12/1, a contra-revenue account is credited for 200,000 On 12/1, a liability account is debited for 200,000 The journal entries recorded on 12/31 increase the current ratio The journal entries recorded on 12/1 do not modify the current ratio The journal entries recorded on 12/1 do not modify the quick ratio The journal entries recorded on 12/1 do not modify net assets On 12/1, an income statement account is credited for 200,000 On 12/1, a balance sheet account is credited for 200,000 On 12/1, a contra-revenue account is credited for 200,000 On 12/1, a liability account is debited for 200,000 The journal entries recorded on 12/31 increase the current ratio On 12/31, total assets increase by 60,000 On 12/31, net assets increase by 60,000 On 12/31, Revenue is credited for 10,000 On 12/31, an asset account is debited for 10,000