QUESTION 16 On January 1, 2020, Pato Corp, accepted an 8 percent three-year $700,000 note from Berlusconi Co. in exchange for a service it provided to Berlusconi. The effective yield (market rate) for such a note is 10 percent. Present Value of 1 (3 periods) Future Value of 1 (3 periods) Present Value of an ordinary Annuity of 1 (3 periods) Future Value of an ordinary Annuity of 1 (3 periods) 8 percent 0.79383 1.25971 2.57710 3.24640 10 percent 0.75131 1.33100 2.48685 3.31000 How much interest revenue should Pato record over the life of the note? $34,819 $71,851 $168,000 $202,815 Click Save and Submit to save and submit. Click Save All Answers to save all answers. Save All MacBook Air QUESTION 17 Which inventory costing method most closely approximates current cost for each of the following: Ending Inventory Cost of Goods Sold (FIFO LIFO (FIFO FIFO LIFO LIFO (iv)LIFO FIFO OOOO (iii) (iv) Click Save and Submit to save and submit. Click Save All Answers to save all answers. MacBook A QUESTION 18 Use the information below for the following two questions Cruise Industries purchased $10,000 of merchandise on February 1, 2020 with credit terms of 2/10, n/60. It ratumed $2,500 worth of merchandise on February 4. Assume Cruise paid its invoice on February 9. How does Cruise record its payment on February 9 If It uses the perpetual inventory system and gross method for recording purchase discounts? . 10,000 Cash 10,000 A/P. 7,500 7,350 Purchase Discounts...... 150 Cash . Cash .7,350 .7,350 AP. Cash Inventory .7,500 7,350 150 Click Save and Submit to save and submit. Click Save All Answers to save all answers, Save MacBook Air