1- The interest charged on a $250,000 note payable, at the rate of 6% for a year would be 1) $12.000 O 2) $1,000 3) $3,000 4) $15,000

2- Homer Company purchased equipment for $40,000 on January 1, 2012, and will use the double-declining-balance method of depreciation. It is estimated that the equipment will have a 5-year life and a $2,000 salvage value at the end of its usefv' life. The amount of depreciation expense recognized in the year 2012 will be 0 1) $8,000 02) $15,2005 3) $16,000 4) $20,000

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