1-

Logistics Company had the following items listed in its trial balance at 12/31/2016:

Balance in checking account, Bank of the East	$482,000
Treasury bills, purchased on 11/1/2016, mature on 1/30/2017	17,000
Loan payable, long-term, Bank of the East	400,000

Included in the checking account balance is $41,000 of restricted cash that Bank of the East requires as a compensating balance for the $400,000 note. What amount will Logistics include in its year-end balance sheet as cash and cash equivalents?

2-Frasquita acquired equipment from the manufacturer on 6/30/2016 and gave a noninterest-bearing note in exchange. Frasquita is obligated to pay $572,000 on 4/30/2017 to satisfy the obligation in full. If Frasquita accrued interest of $15,000 on the note in its 2016 year-end financial statements, what amount would it record the equipment on its 6/30/2016 balance sheet?

3-Oswego Clay Pipe Company sold $45,200 of pipe to Southeast Water District #45 on April 12 of the current year with terms 2/15, n/60. Oswego uses the gross method of accounting for cash discounts.

What entry would Oswego make on June 10, assuming the customer made the correct payment on that date?