On October 1, 2018. Highview Company borrows $216,000 on a three year note that requires the company to pay 6% interest on March 31 and September 30. On December 31, 2018, the adjusting entry to accrue interest on the note should debit Multiple Choice Interest Payable and credit Interest Expense for $3,240 Interest Expense and credit Interest Payable for $3,240 interest Expense and credit Interest Payable for $6.480. Interest Expense and credit Cash for $6,480. Merle Industries had been selling its product for $52 per unit, but recently lowered the selling price to $31 per unit. The company's current inventory consists of 280 units purchased at $48 per unit. The market value of this inventory is currently $29 per unit. At what amount should the company's inventory be reported on the balance sheet? Multiple Choice $8.680 $8.120 $14.560 $13,440