Income Statement Revenues COGS Rent Expense Depreciation Expense Interest Expense Insurance Expense Net Income 150,000 (45,000) (3,000) (15,000) (5,000) (2,000) 80,000 What happened with the loan during Year 2? None of the choices is correct. The company borrowed $100,000. There is not enough information to tell what happened with the loan The company borrowed another $10,000. The company repaid $10,000. Balance Sheet Assets 25,000 Cash Accounts Receivable Inventory Prepaid Rent Equipment Accumulated Depreciation Book Value of Equipment Total Assets 12/31/20X1 12/31/20X2 64,000 100,000 20,000 10,000 14,000 4,000 7,000 230,000 20,000 35,000 105.000 208.000 195,000 336,000 Liabilities Accounts Payable Notes Payable Interest Payable Total Liabilities 25,000 90,000 5,000 120,000 40,000 100,000 8,000 148,000 Owners Equity Stock Retained Earnings Total Equity Total Liabilities + Equity 75,000 13,000 88,000 208.000 121,000 67,000 188,000 336,000 150,000 Income Statement Revenues COGS (45,000)