On January 1, 2019, Brooks Inc. borrows $90,000 from a bank and signs a 5% installment note requiring four annual payments of $25,381. The first installment payment is made on December 31. Required:
Write down the necessary journal entry

Date     General Journal                                Debit        Credit

12/31     Interest Expense (90,000 x 5%)     $4,500

            Notes Payable (Bal. Figure)             $20,881

                     Cash                                                          $25,381

hi noah!

the first time you break a rule, you get a warning.

if you continue to break rules you get kicked out for a certain amount of time.

so, to answer your question 1.

hope this buddy!

- courtney

i would say iii (3) because in order to compare a price you have to use as a reference other near stores because it's its

hope i explained myself