On september 1, abc company borrowed $1,000, 12% annually by issuing 4-month note payable from xyz national bank with interest due on january 1. at year end, december 31, abc adjusted for the four months of interest owed. the entry to record the payment of interest on january 1 would include a

After hearing a knock at your front door, you are surprised to see the prize patrol from a large, well-known magazine subscription company. it has arrived with the good news that you are the big winner, having won $21 million. you have three options.(a) receive $1.05 million per year for the next 20 years.(b) have $8.25 million today.(c) have $2.25 million today and receive $750,000 for each of the next 20 years.your financial adviser tells you that it is reasonable to expect to earn 13 percent on investments.