1)Journalilze the appropriate entry to record discarding the following machines( no proceeds)

a) Machine #1: Original cost, $24000; accumulated depreciation, $16000

b) Machine #2 Original cost $32000; accumulated depreciation, $18000

2) Journalize the entries to record the following assets sales:

a) Machine#1: Original cost, $46000, accumulated depreciation, $32000; sold for 18000

b) Machine#2: Original cost, $60000; accumulated depreciation $4500; sold for $12000

3) Equipment purchased 4 and half years ago for 420000 with an estimated life of 8 years and a residual value of $20000, is now sold for $220000 cash. Appropriate entries for depreciation have been made for the first 6 years of use. Journalize the following:

a) Depreciation expense for the 1/2 year prior to the sale, use the straight line method.

b) Sale of equipment

4)The morgan company borrowed $20000 from the bank. the 120 day loan carries a 10% interest rate.

a) journalize the issuance of the note

b) Journalize the payment at maturity.

5) The howard company borrowed purchased inventory worth $60000 by signing a 90 day loan. the loan carries a 12% interest rate.

a)Journalize the issuance of the note

b) journalize the payment at maturity

c) what is the maturity value of the loan?

is this a long term or short tem liability? why/