On October 1, 2017, Steve's Painting Service borrows $150,000 from National Bank on a 6-month, $450,000, 4% note. Steve's Painting Service's December 31, 2017 financial statements includes Interest Expense of $18,000 and total liabilities of $168,000 Interest Expense of $4,500 and total liabilities of $154,500. Interest Expense of $2,250 and total liabilities of $152,250. O Interest Expense of $9,000 and total liabilities of $159,000. A company sells a power tool to a customer. The company receives a total of $348 from the customer, of which $320 is for the power tool and $28 for sales tax. The company would report Unearned Revenue of $28 and Sales Revenue of $320. Sales Revenue for $348. Sales Taxes Expense for $28 and Sales Revenue of $348 Sales Revenue of $320 and Sales Tax Payable for $28. Which item below is a true statement? All plant assets must be depreciated under accrual accounting. Recording depreciation on plant assets only affects the balance sheet and does not affect other financial statements. Land Improvements are not included in the Land account. The book value of a plant asset equals its cost less salvage value