24. On January 1, 2020, Superfuzz Company purchased equipment for $40,000. The company is depreciating the equipment at the rate of $700 per month. The book value of the equipment at November 30, 2020 is a. $7,700. b. $30,400. c. $31,600. d. $32,300. 25. Nirvana Corporation issued a one-year, 12%, $400,000 note on May 31, 2020. Interest expense for the year ended December 31, 2020 was: a. 20,000 b. 21,000 c. 28,000 d. 48,000