King Toot's CEO provides you with additional information to help you and your team prepare adjustments for April (assume that King Toot's has a monthly accounting period and prepares AJEs at the end of each month): - You perform a physical count of supplies and determine there are $525 of Supplies remaining on hand at the end of April. - The $16,200 of equipment that was purchased on 4/1 has an estimated five-year useful life and no salvage value. The firm uses the straight-line depreciation method. - Recall from last week's activity that on 4/15, a customer paid $920 in advance for 10 lessons (\$92 per lesson) which was all recorded as Deferred Revenue. As of 4/30, King Toot's had provided 3 of the lessons to the customer. - The $56,000 Note Payable that was signed on 4/1 is due in 10 years. Annual interest on the Note Payable is 7.5% and interest payments are made each year on March 31st. The first interest payment is due 3/31/2024. - King Toot's pays a total of $25,400 in wages every two weeks to employees (assume there are 10 work-days in each two week pay period, so wages are $2,540 each work day). Recall from last week's activity that the firm paid wages of $25,400 on 4/19. This payment was for work done during the two week pay period of 4/64/19. The next $25,400 payment for wages will be made on May 3, 2023, which includes 7 work-days related to April and 3 work-days related to May. PART III. Further Analysis - please answer the following questions: A. What is the Net Book Value (NBV) of the equipment as of 4/30/2023 ? B. What is the journal entry the firm would make on May 3rd when it makes the $25,400 cash payment to workers during the next accounting period