The following selected account balances were taken from Monk Company's accounting records during 2022: January 1, 2022 December 13,000 31, 2022 Utilities payable 000 Common stock 000 Inventory 39,000 42,000 000 83,000 17,000 Long-term notes payable 000 Accounts receivable 000 Salaries payable 000 Retained earnings 000 Accounts payable 000 12,000 46,000 75,000 The following selected information was taken from Monk Company's 2022 statement of cash flows: Cash paid to purchase inventory Net cash flow - financing activities Cash collected from customers Cash paid for utilities $157,000 11,000 inflow 186,000 28,000 Calculate the amount of net income reported on Monk Com pany's 2022 income statement. On January 1, 2019, ABC Company borrowed $120,000 from the bank. The loan is a 7-year note payable that requires annual payments of $24,500 every December 31, beginning December 31, 2019. Assume the lo an has an interest rate of 10% compounded annually. Calculate the balance in the note payable account at De cember 31, 2020. On January 1, 2019, ABC Company borrowed $120,000 from the bank. The loan is a 7-year note payable that requires annual payments of $24,500 every December 31, beginning December 31, 2019. Assume the lo an has an interest rate of 10% compounded annually. Calculate the amount of the note payable at December 3 1, 2020 that would be classified as a current liability