On 8/30/16 a company borrows $18,000 from a local bank. The principal is required to be paid in four annual installments of equal amounts ($4,500), beginning 8/30/17. The annual interest rate is 4%. The interest is payable annually, starting on 8/30/17 Which of the following statements is correct about the journal entries recorded by the company on 8/30/16? (continued from previous quedtion) Which of the following statements is correct about the journal entries recorded by the company on 8/30/17? An income statement account is debited for $480 A balance sheet account is debited for $240 Cash iscredited for an amount higher than $4,500 The total change in assets will not be equal to the total change in liabilities All of the above are correct No entry is recorded on 8/30/17 None of the above is correct