If a company borrows $100,000 on July 1, 2019 and agrees to repay $124,000 on July 1, 2022, which of the following is correct? The income statement will show interest expense of $24,000 in 2022 when the loan is repaid. The statement of cash flows will show $8,000 as an operating cash outflow in 2020. The balance sheet at December 31, 2019 will show $120,000 as total liabilities at the point in time. At December 31, 2021, the interest payable account will be $20,000. None of the above