Winston, Co. is charged $4,000 per month for rent on the first of each month for the upcoming month, Winston pays the rent on the first of each of the months January through September 2016, but fails to make the payments on October 1, November 1, and December 1, 2016, Winston's income statement for 2016 and December 31, 2016 balance sheet should show: Jordons, Inc borrowed S130,000 from 1st Star Bank on Oct 1, 2016. The loan stipulates that the Interest rate is 6% annually, with the interest payable on the first day of each month, beginning Nov 1. 2016. Jordon pays the interest, with cash, on the dates the interest is due. How much will Jordons, Inc. report on its December 31, 2016 balance sheet for interest payable (assume full months, ie., do not compute interest per day)? 1) $36,000 of rent expense and $12,000 of rent payable. 2) $48,000 of rent expense and $0 of rent payable. 3) $36,000 of rent expense and $0 of rent payable. 4) $48,000 of rent expense and $12,000 of rent payable. 5) None of these answers are correct. 1) $1,300 2) $1,950 3) $7,800 4) $0 5) $650 Jordons, Inc. borrowed $130,000 from 1S Star Bank on Oct 1, 2016. The loan stipulates that the interest rate is 6% annually, with the interest payable on the first day of each month. beginning Nov. 1, 2016. Jordon pays the interest, with cash, on the dates the interest is due How much will Jordons, Inc. report on its 2016 income statement for interest expense (assume full months, .e., do not compute interest per day)? 1) $1,300 2) $1,950 3) $7,800 4) $O 5) $650