The city council of lake jefferson wants to establish a small botanical garden in the city park. the council decided to put aside funds in the amount of $22,000 to build and establish the botanical garden. at the end of the fiscal year, $3,000 of the funds had been spent. how should the remainder of the funds be reported?

Biochemical corp. requires $600,000 in financing over the next three years. the firm can borrow the funds for three years at 10.80 percent interest per year. the ceo decides to do a forecast and predicts that if she utilizes short-term financing instead, she will pay 7.50 percent interest in the first year, 12.15 percent interest in the second year, and 8.25 percent interest in the third year. assume interest is paid in full at the end of each year. a)determine the total interest cost under each plan. a) long term fixed rate: b) short term fixed rate: b) which plan is less costly? a) long term fixed rate plan b) short term variable rate plan