Prepare journal entries for iron city’s general fund for the following, including any adjusting and closing entries on december 31, 20x1 (the end of the fiscal year): required: a. acquired a three-year fire insurance policy for $5,700 on september 1, 20x1. (if no entry is required for a transaction/event, select "no journal entry required" in the first account field.)

Biochemical corp. requires $600,000 in financing over the next three years. the firm can borrow the funds for three years at 10.80 percent interest per year. the ceo decides to do a forecast and predicts that if she utilizes short-term financing instead, she will pay 7.50 percent interest in the first year, 12.15 percent interest in the second year, and 8.25 percent interest in the third year. assume interest is paid in full at the end of each year. a)determine the total interest cost under each plan. a) long term fixed rate: b) short term fixed rate: b) which plan is less costly? a) long term fixed rate plan b) short term variable rate plan