On November 1, 2019, Bob's Burgers signed a $300,000, 6%, six-month note payable with the amount borrowed plus accrued interest due six months later on May 1, 2020. The appropriate adjusting entry was recorded on Dec 31. On May 1, 2020 while recording the journal entry for the repayment Bob's Burgers will have the following for interest payable and interest expense: Note Payable $300,000
Interest Expense $6,000
Interest Payable $3,000
Cash $309,000
Note Payable $300,000
Interest Expense $6,000
A. Interest Payable $3.000
Cash $303,000
Cash
B. $300,000 $7,500 $1,500
C. Note Payable Interest Expense Interest Payable Cash Note Payable Interest Expense Cash $309,000 $300,000 $9.000
D. Cash $309,000 Bond D 8% 99%

Chance company had two operating divisions, one manufacturing farm equipment and the other office supplies. both divisions are considered separate components as defined by generally accepted accounting principles. the farm equipment component had been unprofitable, and on september 1, 2018, the company adopted a plan to sell the assets of the division. the actual sale was completed on december 15, 2018, at a price of $600,000. the book value of the division’s assets was $1,000,000, resulting in a before-tax loss of $400,000 on the sale. the division incurred a before-tax operating loss from operations of $130,000 from the beginning of the year through december 15. the income tax rate is 40%. chance’s after-tax income from its continuing operations is $350,000. required: prepare an income statement for 2018 beginning with income from continuing operations. include appropriate eps disclosures assuming that 100,000 shares of common stock were outstanding throughout the year. (amounts to be deducted should be indicated with a minus sign. round eps answers to 2 decimal places.)

Employees at a library check out books to patrons. books have an isbn and a name. the library sometimes has multiple copies of the same book. books have one or more authors. a patron is an individual who has an active (non-expired) library card. for each library card, we store the person's first and last names and their address. for each employee, we store their employee id, current salary, first and last name and their address. we also store the employee id of their current manager. each time we check out a book to a patron we need to store the date of the transaction, the employee who checked out the book to the patron, and the library card of the patron. some employees have library cards. if an employee patron turns in a book late, the fine that they pay is a percentage of their salary. some employees are authors who have library cards—they are allowed to check out as many books as they like.

On september 1, 2016, steve loaned brett $2,000 at 12% interest compounded annually. steve is not in the business of lending money. the note stated that principal and interest would be due on august 31, 2018. in 2018, steve received $2,508.80 ($2,000 principal and $508.80 interest). steve uses the cash method of accounting. what amount must steve include in income on his income tax return?