Question 17 (12 points) Saved On 3/1/20 a company purchases inventory from a supplier and signs a non-interest bearing note payable. The face value of the note is $100,000 to be paid at maturity 5 years later. The company estimates the appropriate annual interest rate to be 6%, compounded annually. Which of the following statements are true? (select all that apply - i.e. just one or as many as all of them) On 3/1/20, total assets will increase by $100,000 On 3/1/20, a contra-asset account will be credited On 12/31/20, end of the fiscal year, a contra-expense account will be debited On 12/31/20, end of the fiscal year, cash will NOT be credited On 3/1/20, a balance sheet account is credited for $100,000 On 12/31/20 end of the fiscal year, the balance of a contra-liability account will decrease Previous Page Next Page Page 14 of 14 MacBS