1) On May 1, Denton Chemicals purchases land of $123,000 by signing a 6-month, $128,000, zero-interest note. The company uses semiannual accounting periods.Record both the May 1 purchase entry and any June 30 adjusting entry for the note. Amounts may be rounded to the nearest dollar

2) On March 1, 20X1, Herrington Corp. purchased a truck for $93,000 (a 200,000-mile life and a $5,000 salvage value are assumed). The company depreciates via anactivity methodand drives the truck 62,000 miles in 20X1, 85,000 miles in 20X2, and 77,000 miles in 20X3. What is the amount ofdepreciation expensein20X3?Please round all amounts to the nearest dollar and any rates to the nearest penny.

3) On January 1, 20X2, Grand Drilling Co. estimates that closure costs in 3 years on its recently purchased "oil deposit" will be $230,000 (present value equals $193,113 assuming a 6% interest discount rate). The company depreciates closure costs on astraight-linebasis. On December 31, 20X4, the company pays $247,000 for closure costs.Record entries for the closure cost depreciation on December 31, 20X2, the interest accrual on the December 31, 20X2, and the closure cost settlement on December 31, 20X4 (ignore any depletion entries). Amounts may be rounded to the nearest dollar