Riley Company borrowed $48,000 on April 1, Year from the Titan Bank. The note issued by Riley carried a one year term and a 5% annual interest rate Riley earned cash revenue of $1,140 in Year 1 and $1,500 in Year 2. Assume no other transactions The amount of total liabilities that would appear on Riley's December 31 balance sheets for Year 1 and Year 2, respectively, would be Multiple Choice $50,560 and $50,880 $2.160 and $720 $48.000 and so S50 60 and so Next > W ODO ODDF & 7 $ 4 % 5 8 0 9 # 3 6 2 0