QUESTION 12 Clroy Company is buying a Widget from Cosmo Company. The original cost on January 1, 2020 was $25,000. Elroy put no money down and is making annual payments each December 31st of $6,097 27 which include interest at 7%. If Clroy is properly amortizing this purchase, the principal balance at the end of 2020 (end of the first year) would have been: O $ 19,065.09 Some other number O $ 20,565.09 O 20,652.73 O $ 19,000.00 QUESTION 13 "Current Portion of Long Term Debt" is O None of these are correct O an example of a significant non-cash investing and financing transaction the total payment on a loan due in the next 12 months O the principal payment on a loan due in the next 12 months subtracted from current assets to get the book value of the long-term debu QUESTION 14 Elroy Company is buying a Widget from Cosmo Company. The original cost on January 1, 2020 was $25,000. Clroy put no money down and is making annual payments each December 31st of $6,097.27 which include interest at 7%. If Elray is properly amortizing this purchase, the interest expense for 2021 (second year) is: O $1,750.00 O $1,233.91 O $ 1,445.69 O $1,882.44 O Some other number QUESTION 15 How much does Colton need to put in the bank today if he wants to have $1,000,000 in 20 years if the bank pays interest at 4% compounded semi-annually? O $ 306,556.84 O $ 311,804.72 O $ 97,222.19 Some other number O $ 452,890.42 QUESTION 16 The accounting equation is Assets - Liabilities + Owners' Equity The same as the book value O Recording all expenses incurred in generating the revenues of the period Revenues-Cost of Goods Sold - Gross Margin O Debits - Credits