10. The maturity value of a $50,000, 10%, 60-day note receivable dated July 3 is 11. The interest on a $20,000, 10%, 1-year note receivable is 12. Randie Company lends Luann Company $10,000 on April 1, accepting a four-month, 9% interest note. Randie Company prepares financial statements on April 30. what adjusting entry should be made before the financial statements can be prepared? 13.What are the steps in preparing a Bank Reconciliation? 14. A company purchased factory equipment on April 1, 2013 for $100,000. It is estimated that the equipment will have a $10,000 salvage value at the end of its 10-year useful life. Using the straight-line method of depreciation, the amount to be recorded as depreciation expense at December 31, 2013 is 15. Sargent Corporation bought equipment on January 1, 2013. The equipment cost $180,000 and had an expected salvage value of $30,000. The life of the equipment was estimated to be 6 years. The depreciable cost of the equipment is Page 3 16. A company sells a plant asset which originally cost $240,000 for $70,000 on December 31, 2013. The Accumulated Depreciation account had a balance of $96,000 after the current year's depreciation of $24,000 had been recorded. What gain or loss would the company recognize? 17. On October 1, 2013, Ellington Company establishes an imprest petty cash fund by issuing a check for $200 to Erin Angelo, the custodian of the petty cash fund. On October 31, 2013, Erin Angelo submitted the following paid petty cash receipts for replenishment of the petty cash fund when there is $42 cash in the fund: Freight-in Supplies Expense Entertainment of Clients Postage Expense $27 42 65 20 Instructions Prepare the journal entries required to establish the petty cash fund on October 1 and the replenishment of the fund on October 31