On a machine that cost $640,000 and has a useful life of 10 years, $40,000 residual value and was purchased at the beginning of the year, what amount of depreciation should be recorded in year 1 using the double declining balance method with no half year convention? 1) $60,000 2) $64,000 3) $128,000 4) $120,000 Archaic First National Bank loaned Customer B $50,000 on December 1, 2020. The interest rate on the loan was 6% per year. As of December 31, 2020 Customer B has made no payments whatsoever on the loan. What adjusting entry should be recorded by Customer B to reflect accrual accounting at year end December 31, 2020? 1) Debit Interest Expense $250 credit Interest Payable $250 2) Debt Interest Revenue $500 credit Interest Receivable $500 3) Debit Interest Payable $250 credit Note Receivable $250 4) Debit Interest Expense $500 credit Interest Revenue $500