18.Record the following transactions for Casiano Communications Inc. in the general journal. May 30 Accepted a 60-day, 9% note for $15,000 from Photo Master as payment on an account receivable. J uly 29 Received interest due on Photo Master note. The note is renewed for 45 days at 15% interest. Aug. 28 Received full payment of the Photo Master note.

19. Prepare the general journal entries for the following notes payable transactions for the Bear Mountain Caf.

Jan. 3 Bear Mountain Caf purchased merchandise on account, $4,000.

Mar. 2 Bear Mountain Caf issued a 90-day, 12% note to pay off the account.

May 15 Bear Mountain Caf paid off the preceding note on the maturity date.

24. Use the following data:

Asset cost $25,000

Expected life 3 years

Estimated salvage value $2,000

Using the sum-of-the-year's-digits method, the amount of depreciation for the first year would be