QUESTION 3 A company signs a $30,000, 10%, 60-day note on October 1 to purchase inventory. On October 1, what value should be assigned for the Inventory asset? $30,000 O $30,750 $30,500 $29,250 QUESTION 4 If a note payable is classified as a "non-interest bearing note", which of the following statements is FALSE? The amount of cash initially received will be less than the amount repaid upon maturity. The payment of cash at maturity will include both the principal amount borrowed as well as accrued interest There will not be any interest expense associated with the note. The contra account Discount on Note Payable, should be used when the note is first recorded