1. On October 1, 2011, Pennington Company issued a 40,000, 10%, nine- month interest-bearing note. If the Pennington Company is preparing financial statements at December 31, 2011, the adjusting entry for accrued interest will include a." (2 points) credit to Interest Payable of 2.000 debit to interest Expense of 1,500, O credit to Notes Payable of 1,000 debit to interest Expense of 1,000 2. On October 1, 2011, Holt Company places a new asset into service. The cost of the asset is $80,000 with an estimated 5-year life and $20,000 residual value at the end of its useful life. What is the book value of the plant asset on the December 31, 2011, statement of financial position assuming that Holt Company uses the double-declining-balance method of depreciation? (2 Points) The value must be a number 3. A company purchased factory equipment for $350,000. It is estimated that the equipment will have a 35,000 residual value at the end of its estimated 5-year useful life. If the company uses the double-declining-balance method of depreciation, the amount of annual depreciation recorded for the second year after purchase would be (2 Points) The vale must be a number