The next question deals with the December 31, 2019 Balance Sheet of Horan Industries

Horan’s December 31, 2018 notes payable was $30,000. They paid off $10,000 of notes during 2019. How much additional notes payable did they issue during the year?

• $15,000
• $25,000
• $35,000
• $45,000
   

Assets Current Assets Cash Inventory Accounts Receivables Total Current Assets Non-current Assets Plant and Equipment (Net) Patents (Net) Total Assets Horan Industries Balance Sheet as of December 31, 2019 $65,000 40,000 20,000 $125,000 175,000 25,000 $325,000 Liabilities Current Liabilities Accounts Payable Notes Payable Total Current Liabilities Non-current Liabilities Debt Owner's Equity Common Stock Retained Earnings Total Liabilities and Owner's Equity $45,000 55,000 $100,000 75,000 110,000 40,000 $325,000