On August 1, FLY Tech, an Airline maintenance company, borrows $300,000 cash from Bank of America for working capital. FLY signs a 1 year, 3% promissory note. Interest is payable when the note is paid off. FLY's year-end is December 31. 6. How was the loan classified on the company's December 31, year 1 balance sheet? A. Current liability B. Long term liability C. Note disclosure only D. Stockholders' Equity 7. How was the loan classified on the company's December 31, year 1 statement of cash flow? A. Operating activity B. Investing activity C. Financing activity D. Not shown on the statement of cash flows 8. $ How much interest should be accrued on December 31 of the first year (assume no previous entry was recorded for interest on the loan)? 9. $ When the note is paid at maturity how much cash is paid to Bank of America? I 10. $ When the note is paid at maturity in the second accounting year, how much does net income decrease?