On April 30, 2009, Tilton Products purchased machinery for $55,000. The useful life of this machinery is estimated at 8 years, with an $5,000 residual value. 6. value: Required information 3.00 points Refer to the information above. Assume that in its financial statements, Tilton Products uses straight-line depreciation and the half-year convention. Depreciation expense recognized on this machinery in 2009 and 2010 will be: 0 $4,687 in 2009 and $6,875 in 2010. $3,750 in 2009 and $7,500 in 2010. 0 $3,125 in 2009 and $6,250 in 2010. O $6,875 in 2009 and $3,438 in 2010. 7. value: 3.00 points Required information Refer to the information above. Assume that in its financial statements, Tilton Products uses the 200%-declining-balance method and the half-year convention. Depreciation expense in 2009 and 2010 will be: O $6,875 in 2009 and $12,031 in 2010. 0 $13,750 in 2009 and $12,031 in 2010. O $13,750 in 2009 and $10,313 in 2010, O $6,875 in 2009 and $13,750 in 2010. On November 1, Year 1, Noble Co. borrowed $60,000 from South Bank and signed a 8%, six-month note payable, all due at maturity. The interest on this loan is stated separately. 10. value: 3.00 points Required information How much must Noble pay South Bank on May 1, Year 2, when the note matures? $60,000 $61.200 $62,400. $64,800 11. value: 3.00 points Required information How much interest expense will Noble recognize on this note in Year 2? O $4,800. $1,200. $2,400 $1,600 12. Required information 3.00 points At December 31, Year 1, Noble Co.'s overall liability for this loan amounts to: O O O $60,000 $60,800. $61,600 $62,400 13. Required information 2.00 points At December 31, Year 1, the adjusting entry with respect to this note includes a: O O O O Credit to Interest Payable for $800. Credit to Notes Payable for $800. Debit to Interest Expense for $1.600. Credit to Cash for $1,600