On January 1, 2016, Wright Transport sold four school buses to the Elmira School District. In exchange for the buses, Wright received a note requiring payment of $525,000 by Elmira on December 31, 2018. The effective interest rate is 6% Question Journal entries for Wright for 2016 would include: O a debit to Discount on Notes Receivable of $26.448 a debit to interest Receivable of $26,448 a debit to interest Revenue of $26,448 none of the above QUESTIONS Samuelson and Messenger (S&M) began 2018 with 100 units of its one product. These units were purchased near the end of 2015 for $25 each. During the month of January, 100 units were purchased on January 8 for $25 each and another 150 units were purchased on January 19 for $30 each. Sales of 125 units and 100 units were made on January 10 and January 25, respectively, S&M uses a periodic inventory system. Question Ending Inventory using the FIFO approach would be $5,750 $6,375 $3,125 $3,750