Country bank, located in indiana, loaned chmelik $5,000 and obtained a security interest in a copyright chmelik owns. chmelik lives in illinois, but works in indiana. in order to perfect its interest, country bank files a financing statement in indiana. the financing statement provides chmelik’s correct name, his business address, and a reasonable description of the copyright used as collateral. is the financing statement sufficient? a. yes, it meets the ucc requirements for contents and filing. b. no, if the debtor is an individual, the secured party must file in the state of the debtor’s principal residence, which in this case would be illinois. c. no, the secured party needed to file a financing statement in both indiana and illinois. d. no, a security interest cannot be attached to a copyright.

Expert computers was started in 2018. the company experienced the following accounting events during its first year of operation: started business when it acquired $40,000 cash from the issue of common stock. purchased merchandise with a list price of $32,000 on account, terms 2/10, n/30. paid off one-half of the accounts payable balance within the discount period. sold merchandise on account for $28,000. credit terms were 1/20, n/30. the merchandise had cost expert computers $16,000. collected cash from the account receivable within the discount period. paid $2,100 cash for operating expenses. paid the balance due on accounts payable. the payment was not made within the discount period. required record the events in a horizontal statements model below. in the cash flows column, use the letters oa to designate operating activity, ia for investing activity, fa for financing activity, or nc for net change in cash. if the account is not affected by the event, leave the cell blank. the first event is recorded as an example. what is the amount of gross margin for the period? what is the net income for the period?