TRUE or FALSE

1) Notes payable are written promissory note.

2) To be classified as non-current liability, a debt must be expected to be paid within 3 years.

3) A note payable usually does not requires the borrower to pay interest.

4) A HK$90,000, 3%, 6-month note payable requires an interest payment of HK$1,350 at maturity.

5) Metropolitan Symphony sells 200 season tickets for 80,000 that represents a four concert season. The amount of Unearned Ticket Revenue after the third concert is 20,000.