4 pts The next two questions are based on the following information: On October 1, Year 3, Sallaz Retailers signed a 4-month, 16\% note payable to finance the purchase of holiday merchandise. At that date, there was no direct method of pricing the merchandise, and the note's market rate of interest was 10%. Sallaz recorded the purchase at note's face amount. All of the merchandise was sold by December 1 , Year 3 . Sallaz's Year 3 financial statements reported interest payable and interest expense on the note for 3 months at 16%. All amounts due on the note were pald February 1, Year 4. Sallaz's Year 3 cost of goods sold for the holiday merchandise was As a result of Sallaz's accounting treatment of the note, interest, and merchandise, which of the following items was (were) reported correctly? 12/31/Year 3 Retained Earnings 12/31/Year 3 Interest Payable 
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