Use the following to answer questions 6-10 On October 1t, FLY Tech, an Airline maintenance company, borrows $500,000 cash from Bank of America to expand operations. FLY signs a 3 year, 3.15% promissory note. Interest is payable at maturity. FLY's year-end is December 31. Assume simple interest. How is the loan classified on the company's December 31, year 1 balance sheet? A. Current liability B. Long term liability C. Note disclosure only D. Stockholders' Equity 6. How is the loan classified on the company's December 31, year 1 statement of cash flowi A. Operating activity B. Investing activity C. Financing activity D. Not shown on the statement of cash flows 7. 8. $How much interest should be accrued on December 31 of the first year (assume no previous entry was recorded for interest on the loan)? 9. $When the note is paid at maturity how much cash is paid to Bank of America? 10. $ _When the note is paid at maturity in the fourth accounting year, how much does net income decrease