26.

Nanki Corporation purchased equipment on January 1, 2014, for $639,000. In 2014 and 2015, Nanki depreciated the asset on a straight-line basis with an estimated useful life of eight years and a $7,000 residual value. In 2016, due to changes in technology, Nanki revised the useful life to a total of 5 years with no residual value. What depreciation would Nanki record for the year 2016 on this equipment? (Round your answer to the nearest dollar amount.)

$104,808.

$105,333.

None of these answer choices are correct.

$160,333. 27.

Ireland Corporation obtained a $56,000 note receivable from a customer on June 30, 2016. The note, along with interest at 5%, is due on June 30, 2017. On September 30, 2016, Ireland discounted the note at Cloverdale bank. The bank's discount rate is 9%. What amount of cash did Ireland receive from Cloverdale Bank?