1. On May 1, 2020, Silver Surfer Board Shop borrowed $600,000 cash on a 3-month, 5% note The principal and the 3 months of interest are due on July 31, 2020. Prepare the Silver Surfer Board Shop journal entry for the issuance of the note on May 1, 2020 AND also journalize the entry to pay off the note with 3 month's interest at July 31, 2020. (6 points) Accounts Date 5/1/20 DR CR 7/31/20 2. On January 1, 2020 White Marlin Fish Hatchery installed a hatchery pond for a cost of $2,000,000. White Marlin Fish Hatchery expects the pond to remain useful for 20 years and have a residual value of $1,000,000. Using the Straight Line method, calculate the depreciation expense for 2023 and the accumulated depreciation at the end of 2020. (6 points) I Item Answer Optional Calculations: Depreciation Expense 2023: Accumulated Depreciation End of 2020: 3. The Fishing Factory Corporation sells deep sea fishing tackle. On August 22, 2020 Fishing Factory Corporation sold billfish tackle for a sales price of $2,000 cash. The sales tax on the sale is 9% Cost of Goods Sold is $1,000. Prepare the complete journal entry for this sale including sales tax and Cost of Goods Sold 6 points) 1 Accounts CR 8/22/20 Date DR 4. Pelican Inc. buys a 25-year bond at face value in the amount of $475,000 on January 1, 2020. The bond pays 8% interest on June 30 and December 31. The company intends to hold the bond to maturity. Record Pelican Inc.'s journal entry for the receipt of the first 6 months of interest on June 30, 2020 AND record the disposition at maturity on January 1, 2045 (assume the interest for 2045 was already recorded Record just the disposition). (6 points) Date Accounts 6/30/2020 DR CR 1/1/2045