Cerise Company would record a note payable of________, if the terms of the loan with a bank are as follows: Cersie Company would have to make one $102,000 payment in two years. Assume the market interest rate is 10% per year and the company rounds to the nearest dollar. (The present value of $1 for two periods at 10% is 0.82645). O $84,298 O $74,098 $94,498 O $10,200

MC: Topic: Income Taxation Active income is income earned as a direct result of a specific effort. The following are examples of active income, except? * Compensation income Rental income Royalty income Profession income

Define Proprietorship

Income statement