6. On January 1, 2017 Hillop, Inc. had total assets of $370,000. During the year, the company purchased new machinery worth $88,000 and promised to pay the amount due after two years. Throughout the year, it earned revenue of $60,000 every month. Calculate the asset turnover ratio. Round your answer to two decimal places.

7. Prinkle Corporation purchased equipment for $56,000 on January 1, 2016. On December 31, 2018, the equipment was sold for $23,000. Accumulated Depreciation as of December 31, 2018 was $32,000. Calculate gain or loss on the sale.

8.Steel Rolling Corp. purchased a mine, which holds an estimated 39,000 tons of iron ore, on January 1, 2017, for $522,000. The mine is expected to have zero residual value. The business extracted and sold 17,500 tons of ore in 2017 and 15,800 tons of ore in 2018. What is the depletion expense for 2017? (Round any intermediate calculations to two decimal places, and your final answer to the nearest dollar.)

9. A $37,000, three-month, 11% note payable was issued on December 1, 2017. What is the amount of accrued interest on December 31, 2017? (Do not round any intermediate calculations, and round your final answer to the nearest dollar.)