On July 1, a company accepts a customer's $30,000, three-month, 8% note in settlement of an account receivable. On September 1, the company discounts the note at First Local Bank at 10%. What amount of cash proceeds did the company receive from the bank?

Group of answer choices

$29,750

$30,345

$30,147

$30,350

On July 1, a company accepts a customer's $30,000, three-month, 8% note in settlement of an account receivable. On September 1, the company discounts the note at First Local Bank at 10%. Assuming that the transaction is a borrowing, rather than a sale, what amount of interest expense should be recorded?

Group of answer choices

$255

$453

$850

$55

Information about Intercom's dollar-value LIFO inventory follows: Beginning of Year 1: Inventory at Base-Year Cost: $20,000

End of Year 1: Inventory at Base-Year Cost: $30,000; Inventory at Current Year Cost: $33,000

End of Year 2: Inventory at Base-Year Cost: $40,000; Inventory at Current Year Cost: $48,000

What is the dollar-value LIFO inventory at the end of year 2?

Group of answer choices

$43,000

$37,424

$44,000

$36,667