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Problem 1: Innovate Company borrowed on a one-year, 10%, $150,000 note on May 1, 2015 with interest and principal to be paid at maturity. How much interest should Innovate Company report on its income statement for the year ending December 31, 2016?
a.$30,000
b.$10,000
c.$5,000
d.$15,000
Problem 2: The asset account, Supplies, has a balance of $700 on January 1. During January, the company purchased $16,000 of supplies on account and the liability was appropriately recorded. A count of supplies at the end of January indicates a balance of $900. Which one of the following is a correct amount to be reported on the company's financial statements for the month ending January 31?
a. Accounts Payable-$15,800
b. Supplies Expense-$16,700
c. Supplies on Hand-$700
d. Supplies Expense-$15,800
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