Use the following information to answer Questions 19 through 21. A company purchases equipment by issuing a $150,000 long term note payable bearing a 3% annual interest rate. The date of issuance was January 2, 20X0 at which time the market interest rate for similar debt was 10%. Interest is due on December 31 of each year. The principal is due on January 2, 20X4. At what amount should the equipment be recorded on January 2, 20X0? (a) $102,452. (b) $150,000. (c) $116,716. (d) $133,273. gnoring your answer to Question 19, assume that the note payable is recorded at $115,000. What amount ofinterest expense should the company report on its income statement for the year ended December 31, 20x0? (a) $11,500. (b) 4,500. (c) 3,450. (d) $15,000. Ignoring your answer to Question 19, assume that the note payable is recorded at $115,000. What amount of discount on notes payable should be reported on the balance sheet at December 31, 20X0? (a) $23,450 (b) $35,000. (c) $24,500. (d) $28,000. 21. 22. A company receives deposits from its customers as a protection against nonpayment for future services. These deposits should be classified as a(n): (a) iability. (b) Stockholders' equity. (c) Revenue (d) Asset