On July 1, 2019, Goode Company borrowed $150,000. The company signed a note payable with interest at 8 percent per year. The note and interest are due on December 31, 2019. On December 31, 2019, Goode paid $156,000 to settle the debt in full.

Assuming no accruals for interest have been made during the year, transaction analysis of the $156,000 cash payment on December 31, 2019 should reflect which of the following?

a. A decrease in stockholders' equity of $150,000, a decrease in liabilities of $6,000, and a decrease in assets of $156,000.

b. A decrease in assets of $150,000, a decrease in stockholders' equity of $6,000, and a decrease in liabilities of $156,000.

c. A decrease in liabilities of $150,000, a decrease in stockholders' equity of $6,000, and a decrease in assets of $156,000.

d. A decrease in assets of $156,000 and a decrease in liabilities of $156,000.

Aiden is 19 years old, unmarried, and was a first-year full-time student working on a degree in accounting during 2018. he has never had a felony drug conviction. aiden did not provide more than half of his own support and can be claimed as a dependent by his mother. aiden’s income was $4,000 in wages working as a part-time cook at a fast food restaurant. aiden received form 1098-t indicating $5,000 for payments received for qualified tuition and related expenses in box 1. he received $8,500 in scholarships and grants, which was reported in box 5. aiden’s scholarship was used to pay for room and board, tuition, and books. the cost of his books was $845. aiden is a u. s. citizen with a valid social security number. 1. which of the following statements is true? a. the portion of the scholarship that was not used for qualified educational expenses must be included in aiden's income. b. the amount spent on books is not a qualified education expense. c. the taxable portion of the scholarship must be reported on aiden's mother’s return. d. none of aiden's scholarship is taxable.