Questions 16-18 Simpson Company borrowed $30,000 from the First National Bank of Springboro. Information related to this loan is as follows: Date of signing the note - November 1, 2022 Date loan is due - May 1, 2023 Note principle and interest are payable in total on May 1 , 2023 Simpson year end is December 31 Interest rate on the note is 8% 2.5 points Interest expense recognized by Simpson in 2023 400 800 1,200 None of the above 172.5 points The journal entry to record the November 1, 2022 transaction is: Notes Payable 31,200 Cash 30,000 Interest Payable 1,200 Cash 30,000 Interest Payable 1,200 Notes Payable 31,200 Cash 30,000 Notes Payable 30,000 Cash 31,200 Interest Payable 1,200 Notes Payable 30,000 How will the note be presented on the December 31, 2022 balance sheet? Current Asset Non Current Asset Current Liability Non Current Liability Stockholders' Equity