Impaired Goodwill and Amortization of Patent a. Record the acquisition of patent. If an amount box does not require an entry, leave it blank. April 1 Proceeds from Notes Payable On January 26, Vibrant Co. borrowed cash from Conrad Bank by issuing a 120-day note with a face amount of \$72,000. Assume a 360-day year. a. Determine the proceeds of the note, assuming the note carries an interest rate of 8%. b. Determine the proceeds of the note, assuming the note is discounted at 8%. Fixed asset turnover ratio Select financial statement data for two recent years for Davenport Company are as follows: a. Determine the fixed asset turnover ratio for 20Y4 and 20Y5. Round to one decimal place. b. Does the change in the fixed asset turnover ratio from 20Y4 to 20Y5 indicate a favorable or an unfavorable change? Entries for notes payable Bennett Enterprises issues a \$744,000, 60-day, 8\%, note to Spectrum Industries for merchandise inventory. Assume a 360-day year. If required, round your answers to the nearest dollar.If an amount box does not require an entry, leave it blank. a. Journalize Bennett Enterprises' entries to record: 1. the issuance of the note. Feedback Check My Work If you were the borrower how much would you be leaving Spectrum Industries with in proceeds? What does the liability always have to be recorded at? b. Journalize Spectrum Industries' entries to record: b. Journalize Spectrum Industries' entries to record: 1. the receipt of the note. 2. the receipt of the payment of the note at maturity