On November 1, Year 1, Noble Co borrowed $132,000 from South Bank and signed a 16 , six month note payable, all due at maturity The interest on this loan is stated separately 21 Required information At December 31, Year 1, Noble Co 's overall liability for this loan amounts to $132,000 $135,520 $139,040 $142,560 22 Required information How much must Noble pay South Bank on May 1, Year 2, when the note matures $132,000 $137,280 $142,560 $153,120 23 Required information How much interest expense will Noble recognize on this note in Year 2 $21,120 $5,280 $10,560 $7,040 24 Required information At December 31, Year 1, Noble Co 's overall liability for this loan amounts to $132,000 $135,520 $139,040 $142,560 25 Required information At December 31, Year 1, the adjusting entry with respect to this note includes a Credit to Interest Payable for $3,520 Credit to Notes Payable for $3,520 Debit to Interest Expense for $7,040 Credit to Cash for $7,040

Question

On November 1, Year 1, Noble Co  borrowed $132,000 from South Bank and signed a 16 , six month note payable, all due at maturity  The interest on this loan is stated separately  21  Required information At December 31, Year 1, Noble Co 's overall liability for this loan amounts to  $132,000  $135,520  $139,040  $142,560  22  Required information How much must Noble pay South Bank on May 1, Year 2, when the note matures  $132,000  $137,280  $142,560  $153,120  23  Required information How much interest expense will Noble recognize on this note in Year 2  $21,120  $5,280  $10,560  $7,040  24  Required information At December 31, Year 1, Noble Co 's overall liability for this loan amounts to  $132,000  $135,520  $139,040  $142,560  25  Required information At December 31, Year 1, the adjusting entry with respect to this note includes a  Credit to Interest Payable for $3,520  Credit to Notes Payable for $3,520  Debit to Interest Expense for $7,040  Credit to Cash for $7,040

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On November 1, Year 1, Noble Co. borrowed $132,000 from South Bank and signed a 16%, six-month note payable, all due at maturity. The interest

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