Lake Co. receives nonrefundable advance payments with special orders for containers constructed to customer specifications. Related Information for 2021 is as follows ($ in millions): Customer advances balance, Dec. 31, 2020 Advances received with 2021 orders Advances applicable to orders shipped in 2021 Advances from orders canceled in 2021 $118 202 187 44 What amount should Lake report as a current liability for advances from customers in its Dec 31, 2021, balance sheet? Multiple Choice 50 $89 million $320 million $133 million Jane's Donut Co. borrowed $206.000 on January 1, 2021. and signed a two-year note bearing interest at 11% Interest is payable in full at maturity on January 1, 2023. In connection with this note, Jane's should report interest expense at December 31, 2021, in the amount of Multiple Choice $22,660 $0. $48,039 $45,320 When a product or service is delivered for which a customer advance has been previously received, the appropriate journal entry includes: Multiple Choice A debit to an asset and a credit to a revenue account. A debit to a revenue and a credit to a liability account A debit to a revenue and a credit to an asset account. A debit to a liability and a credit to a revenue account