Select the most appropriate item from the dropdown to match each of the following terms and phrases associated with current liabilities. 1. Interest expense is recorded in the period interest is incurred rather than in the period interest is paid 2. Payment is reasonably possible and is reasonably estimable 3. Cash, current investments, and accounts receivable all divided by current liabilities. 4. Payment is probable and is reasonably estimable 5. Gift cards 6. Long-term debt maturing within one year 7. Social Security and Medicare. 8. Unsecured notes sold in minimum denominations of $25,000 with maturities up to 270 days. 9. Classifying liabilities as either current or long-term helps investors and creditors assess this 10. Incurred on notes payable

On January 1, 2024, Gundy Enterprises purchases a building for $360,000, paying $60,000 down and borrowing the remaining $300,000, signing a 7%, 10-year mortgage. Installment payments of $3,483.25 are due at the end of each month, with the first payment due on January 31, 2024. Problem 9-1A (Static) Part 3 - . Record the first monthly mortgage payment on January 31,2024. -b. How much of the first payment goes to interest expense and how much goes to reducing the carrying value of the loan