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BAT4M Page 2 3. 4. 5. 6. 8. 9. 10. The equipment is amortized using the straight-line method assuming a five year useful life and no residual value. The equipment was purchased July 1, 2014. The note payable is a small business loan from the Federal Business Development Bank borrowed on August 1 , 2014. The note is to be paid back beginning August 1, 2015 and has an interest rate of 6% annum. Interest is payable July 31 and January 31. The following invoices were received during January 2015 and related to the 2014 fiscal year. Telephone bill for December Warehouse rent for November 1 to January 31 $100 Employee Health Tax is 0.98% of the total wages expense for 2014. It will be paid by CIS on January 31 , 2015. Included in construction revenue is $4,500 paid as a deposit on a contract. The total contract price will be $10,000. CIS has completed 25% of the job as at December 31. An estimated 2.5% of accounts receivable are estirnated to be uncollectible. A count of supplies on hand as of December 31 totaled $3,100. The truck is amortized using the declining-balance method assuming a residual value of $3,000 and an amortization rate of 25%. The equipment was purchased July 1, 2014.