3) On August 1, 2023, Castle Inc. lends $16,000 to Knight Co. for 6 months. What journal entrv does Castle Inc. record for this transaction? 4) (Continuation of question 3). The Note Receivable is established with a 3% annual interest rate, and the terms of the note states that the principal and interest will be due and paid on February 1, 2024. What adjusting journal entry is needed to accrue interest revenue earned for 2023 before Knight Co. prepares financial statements on December 31. 2023? 5) (Continuation of question 3 \& 4). On February 1, 2024, Knight Co. pays all principal and interest owed to Castle Inc. Write the journal entry (from the viewpoint of Castle Co.) to record the collection. Part 3: PP\&E Transactions 6) Sneed Inc. buys equipment on October 1,2023 for $600,000 cash. They estimate the equipment will have a salvage value of $100,000 and a useful life of 10 years. a. Write the journal entry to record depreciation for 2023. b. Record the journal entry to record depreciation expense for the second year. c. What is the book value of this equipment on the December 31,2024 Balance Sheet? 7) What is the total cost (the "capitalized" cost) of machinery recently purchased and based on the following information: 8) Maverick Industries purchased equipment on July 1, 2023 for $35,000. The equipment is estimated to have a $3,750 salvage value at the end of its 5 -year life. The company uses straight-line method of depreciation. What is the balance in accumulated depreciation at 12/31/26