On January 1, the unpaid balance of a company mortgage note was $100,000. The tender requires $1.000 per month to the paid on the principal ach year. Which of the following best describes how the liability for the principal should be shown on the balance sheets of January 19 Select the single best answer A $88,000 a current liability 8.3100,000 as a current ability C. $12,000 as a currently and $88,000 as a long-term fiability D. 312,000 as a currentlisbility and $100,000 as a long term ability ABC Inc. has net income of $100,000 for the year. An error occurred and a correcting Journal entry was made to accrue rent of $10,000. A second error was found for unearned revenue that was not accrued in the amount of $10,000, and an adjusting entry was made to correct the uncanned revenue. After making the adjusting journal entries, which of the following amount most accurately presents the revised net income? Select the single best answer: A $80.000 B 590.000 C. $100,000 D. $120.000 On January 1, 2020, Fortune Inc. decided to purchase a machine for $100,000 and determined that depreciation will be allocated over a five-year life with a salvage value of $20,000. Uning straight-line depreciation, what is the amount of depreciation expense to be taken in each of the five years? Select the single best answer: CA 516,000 B. $20,000 G. $24,000 D. $100,000 Ridgefly Co. had sales of $500,000 with sales discounts of 10% on all sales. There was a depreciation expense of $100,000 on all sets and an adjusting entry to norue uneamed revenue of $10.000. What was the net income for Ridgefly Co. for the year? Select the single best answer: A 5350.000 B$.300.000 C. 5390.000 D. 5400.000 Innovation Inc. has the information from their prepared and audited year and financial statements. Their total sales was $545,000, their supplies expense was $12.500, their wages expense was $150.000, the inventory purchased was $15,000, and their lease expense for the office building was $30,000, What was the net income for Innovation Inc. for the year? Select the single best answer A $325,000 B. 337.500 C. $352,500 D. $367,500