Question 18 1.67 pts Harowitz Company purchases a trademark for $60,000 on January 1, 20x4 from Garrison Corporation, but will not pay for it until 2 years from that date. Interest is not explicitly stated in the contract, but Harowitz could borrow money at a rate of 6 percent per year currently. At what amount should the note payable be reported on December 31, 20X4? O S60,000 O $56.604 O $55,000 O $56,474 OS55,732 Question 19 1.67 pts Oneida Corporation purchased 60% of the stock of Greenwich Company on June 1, 2015. When Oneida prepares a consolidated income statement for 2015, it should include all of the revenues and expenses earned by Greenwich during the year. O True False U Question 20 1.67 pts On January 1, 20X3, Hilton Inc. buys equipment for $80.000 with a ten-year life and no expected residual value. Depreciation is applied using the units-of-production method. The equipment is expected to produce 4.000.000 units. Units produced during 20x3 total 500,000 On December 31, 20X3, when this equipment is worth $69,000, it is traded for a truck that is worth $78,000. Hilton also gives cash of $9,000. What gain or loss is recognized on this asset exchange? O $3,000 loss $4,000 gain O $1.000 loss O $4.000 gain Question 21 1.67 pts A company must prepare consolidated financial statements when it owns over 50% of the other company's outstanding stock. True False