[The following information applies to the questions displayed below.] Saturn Co. purchases a used machine for $192,000 cash on January 2 and readies it for use the next day at an $8,000 cost. On January 3, it is installed on a required operating platform costing $1,600, and it is further readied for operations. The company predicts the machine will be used for six years and have a $23,040 salvage value. Depreciation is to be charged on a straight-line basis. On December 31, at the end of its fifth year in operations, it is disposed of. 12. value: 3.00 points At December 31, Year 1, Noble Co.'s overall liability for this loan amounts to: O $84,000. O $85,960. O $87,920 O $89,880. 13. value: 2.00 points At December 31, Year 1, the adjusting entry with respect to this note includes a: O Credit to Interest Payable for $1,960. O Credit to Notes Payable for $1,960. O Debit to Interest Expense for $3,920. O Credit to Cash for $3,920. [The following information applies to the questions displayed below.] Saturn Co. purchases a used machine for $192,000 cash on January 2 and readies it for use the next day at an $8,000 cost. On January 3, it is installed on a required operating platform costing $1,600, and it is further readied for operations. The company predicts the machine will be used for six years and have a $23,040 salvage value. Depreciation is to be charged on a straight-line basis. On December 31, at the end of its fifth year in operations, it is disposed of. 12. value: 3.00 points At December 31, Year 1, Noble Co.'s overall liability for this loan amounts to: O $84,000. O $85,960. O $87,920 O $89,880. 13. value: 2.00 points At December 31, Year 1, the adjusting entry with respect to this note includes a: O Credit to Interest Payable for $1,960. O Credit to Notes Payable for $1,960. O Debit to Interest Expense for $3,920. O Credit to Cash for $3,920