1. Mayco collected $10,000 of customer deposits on cans and bottles. As of the end of the accounting period, Mayco has redeemed 80% of the deposits and concludes that 10% of the deposits have been forfeited. Mayco should recognize revenue of:

   		$9,000
   		$2,000
   		$8,000
   		$1,000

2. At December 31, 2019, Seashell Company owed notes payable of $1,750,000, due on May 15, 2020. Seashell expects to retire this debt with proceeds from the sale of 100,000 shares of its common stock. The stock was sold for $15 per share on March 10, 2020, prior to the issuance of the year-end financial statements.

   In Seashell's December 31, 2019 balance sheet, what amount of the notes payable should be excluded from current liabilities?

   		$250,000
   		$1,750,000
   		$1,500,000
   		$0