EX 11-1 Current liabilities OBJ.1 Bon Nebo Co. sold 25,000 annual subscriptions of Bjorn 20XX for $85 during December 2016. These new subscribers will receive monthly issues, beginning in January 2017. In addition, the business had taxable income of $840,000 during the first calendar quarter of 2017The federal tax rate is 409". A quarterly tax payment will be made on April 12, 2017. Prepare the Current Liabilities section of the March 31, 2017 sheet for Bon Nebo Co. on Is it Square $1,929,750 Proceeds from notes payable PE 1 1.1 A On October 12, Belleville Co. borrowed cash from Texas Bank by issuing a 30-day note with a face amount of $70,000. a. Determine the proceeds of the note, assuming the note carries an interest rate of 6%. EE 11-1507 OBJ.1 Determine the proceeds of the note, assuming the note is discounted at 6%. EX 11-3 Evaluating alternative notes A borrower has two alternatives for a loan: (1) issue a $360,000, 60-day, 5% note or (2) is- sue a $360,000, 60-day note that the creditor discounts at 596. a. Calculate the amount of the interest expense for OBJ. 1 each option. b. Determine the proceeds received by the borrower in each situation C. Which alternative is more favorable to the borrower? Explain