Use the following to answer questions 50-52 ember 1, Year 1, Dover Co. borrowed $60,000 frorm Village Bank and signed a 10%, six month note payable, all due at maturity. The interest on this loan is stated separately 50. Refer to the above data. How much must Dover pay Village Bank on May 1, Year 2 when the note matures? A) $60,000 B) $6,000 C) $63,000. D) $2,000. 51. Refer to the above data. How much interest expense will Dover recognize on this note in Year 2? A) $3,000. B) S6,000. C) $3,000. D) $2,000. 52. Refer to the above data. At December 31, Year 1, the adjusting entry with respect to this note includes a: A) Credit to Interest Payable for $1,000. B) Credit to Notes Payable for $1,000 C) Debit to Interest Expense for $2,000. D) Credit to Cash for $2,000. 53. The amounts that a business withholds as taxes from an employee's earnings: A) Represent payroll taxes expense to the employer B) Are deposited in an interest-bearing account until the employee is terminated. C) Represent miscellaneous revenue to the employer. D) Represent current liabilities to the employer. 54. Unearned revenue: A) Appears on the income statement as income. B) Appears on the income statement as a reduction to income. C) Appears on the income statement as a liability D) Appears on the balance sheet as a liability