1 (10 marks) The following information for Big Ink Company is available on December 31, Year 9, which is the end of their fiscal year a. August 1-Paid $1,800 in advance for a 1-year insurance policy. b. December 15-Received $3,000 from a customer for work to be completed in December and January. As of December 31, $800 has been earned. c. June 30-Purchased machinery for $80,000 that has a useful life of 8 years and a residual value of $14,000. It is depreciated using the double-declining balance method. d. October 31-Accepted a 6-month, $27,000, 8% note from a customer for services. e. September 1-Tenant in an apartment building owned by the company paid $9,600, which represents rent in advance for 6 months. The amount received was credited to the unearned rent account. Required Time left 2:49:38