The following information is used for questions 4-7 Clock Tower Corp. issued a $100,000, non interest bearing 180-day n/p to David Corp. on 10/1/21. The note, however, actually bears market interest at 8% annually. NOTE: Use a 360 day year. The note is settled on 4/1/22 4. What is the impact on Net Income for Clock Tower on 10/1/212 QUESTION 5 At 12/31/21. after recording the proper adjustment (to update interest), what is the incremental impact on Net Income from this adjustment? QUESTION 6 The reason why there is a need for an adjustment on 12/31/21 is because 1. Interest expense needs to be decreased 2. Interest revenue needs to be increased 3. Interest expense needs to be increased 4. Interest revenue needs to be decreased QUESTION 7 The incremental impact on het income on April 1, 2022 assuming the proper adjustment was made on 12/31/21 is how much