Flounder Corp. was experiencing cash flow problems and was unable to pay its $117,000 account payable to Concord Corp. when it fell due on September 30, 2023. Concord agreed to substitute a one-year note for the open account. The following two options were presented to Flounder by Concord: Option 1: Option 2: A one-year note for $117,000 due September 30, 2024. Interest at a rate of 8% would be payable at maturity. A one-year non-interest-bearing note for $126,360. The implied rate of interest is 8%. Assume that Concord has a December 31 year end.

Please respond via a memo on your thoughts of the GAAP article bellow:

ne m Course: 2021SP Prin of Financial Accounting (ACC-120-1) C CengageNOWv2 | Online teaching and learning resource fn Prepare statement of owner's equity as of December 31. Awesome Travel Services Statement of Owner's Equity For the Year Ended December 31 Prepare a balance sheet as of December 31. Awesome Travel Services Balance Sheet December 31 Assets $ Total assets Liabilities Owner's Equity Total liabilities and owner's equity Previous %24 %24 %24

Can you please solve questions 5-15 of the problem above. Thank you.