Riley Company borrowed $24.000 on April 1. Year 1 trom the Titan Bank. The note issued by Riley carried a one year term and a 4% annual interest rate. Riley earned cash revenue of $900 in Year 1 and $500 in Year 2. Assume no other transactions The amount of net Income on the Year 2 income statement would be Multiple Choice $260 5240 $70 on Anchor Company purchased a manufacturing machine with a list price of $160,000 and received a 2% cash discount on the purchase. The machine was delivered under terms Free On Board shipping point, and freight costs amounted to $2.400 Anchor paid $3,000 to have the machine installed and tested Insurance costs to protect the asset from fire and theft amounted to $3,600 for the first year of operations. Based on this information, the amount of cost recorded in the asset account would be Multiple Choice $156800 $159.200 $165 800 $2.200