Fonthouse Corporation issues 10,000 shares of no-par preferred stock for cash at $60 per share. The effects of the transaction described will be reported on the balance sheet in the: Multiple Choice o O retained earnings account. o common shares account o liabilities section o preferred shares account. A 1-year, $30,000, 10 percent note is signed on May 1. If the note is repaid on October 1 of the same year, how much interest expense is incurred? Multiple Choice o $2,000 o $1,250 o $625 o $600