Horace Slughorn acquires an asset by issuing a noninterest-bearing note payable for $120,000, due in two years. Horace records the purchase with a debit to the asset for $120,000 and a credit to notes payable for $120,000. Which of the following statements is correct? Multiple Choice O Horace has properly recorded the transaction. Horace has not considered the present value of the note in recording the asset. Horace should not record the asset until the note has been paid. Horace should record the note for more than $120,000 to account for the underlying interest