True or false

1. Notes payable are written promissory note.
2. To be classified as current liability, a debt must be expected to be paid within 6 months.
3. A note payable usually does not requires the borrower to pay interest.
4. A HK$70,000, 5%, 6-month note payable requires an interest payment of HK$1,750 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 second concert is $40000