Which of the following is true about closely held corporations? There is no organized market for buying and selling the company's shares. The company must prepare and issue its financial statements in conformity with generally accepted accounting principles. The company must have its financial statements audited by an independent firm of CPAs. The company's financial information must be submitted to the Securities and Exchange Commission. At December 31, Year 1, the adjusting entry with respect to this note inchudas a credit to lnterest Payable for 51.600 credt to Notes Payable for $1,600 credit to Cash for 53,200 debit to Interest Expense for 53,200 An asset that costs $28,800 and has accumulated depreciation of $6,000 is sold for $21,600. What amount of gain or loss will be recognized when the asset is sold? A loss of \$1,200 A gain of 51,200 A loss of \$7,200 A gain of 57,200 reporting Assume that in its financial statements, Titon Products uses the 200%-dedining-balance method and the hall-year corrention. Depreciaton eqpense in Yex 1 and Yeur 2 will Se $11,000 in Year 1 and 519,250 in Year 2 $11,000 in Year 1 and $22,000 in Year 2 $22,000 in Your 1 and 57,857 in Year 2 $22,000 in Year 1 and 512.571 in Year 2