(65 Points) 1. Please provide journal entries for the following transactions related to Notes Receivable for XYZ Co. The company records an adjusting journal entry for accrued Interest Revenue once a year at 12/31. 2/1 Provided $7,500 of service to ACo. and accepted a 6 month 5% note. 3/1 Loaned Employee T \$2,500 and accepted a 3 month 4% note. 6/1 Note from Employee T matured, they honor the note (we collect). 8/1 The note from A Co. matured today, they default. 10/1 Provided $5,000 of service to B Co. (2/10,n/30). 11/1 Accepted 3 month 3% note from B Co. (roll over A/R to N/R ). 12/1 Loaned Employee Z $3,000 and accepted a 4 month 6% note. 12/31 Accrue interest revenue from Z,B, and A. Next Year 2/1 Note from B Co. matures today, they honor the note (we collect). 3/15 Collect from A Co. 4/1 Note from Employee Z matures today, they honor the note (we collect). Points) 2. (a) Please prepare the depreciation schedules under both the Straight-Line and Double Declining Balance methods of depreciation based on the following: Purchased a machine at a cost of $33,500 on 1/1/1 (first year in business). The machine has an estimated salvage value of $1,500 and an 8 -year useful life. (b) In a couple of sentences, please explain why most companies prefer to use Double Declining Balance method as opposed to the Straight-Line method of depreciation