Please help me I have just 10 minutes, help plz

6. Muscat Corporation an $500,000, 12%, 15year mortgage note on December 31, 2020, to help

finance a plant expansion program. The terms provide for semiannual installment payments,

not including real estate taxes and insurance, of $36,324. Payments are due Jun0e 30 and

Dec. 31.

Required:

a) Prepare a schedule showing the first two installments of 2021. (1 Mark)

b) Prepare the entries to record the mortgage loan and the first two installment payment.

(1.5 Mark)

7. Stone Crushing Company purchased a new machine on October 1, 2019, at a cost of $33,500.

The company estimated that the machine will have a salvage value of $500. The machine is

expected to be used for 150,000 working hours during its 5-year life. The machine usage was

30,000 hours in 2019 and 20,000 hours in 2020.

Required:

Compute the depreciation expense under the following methods for the year indicated.

a) Straight-line for 2019 ( 1 Mark)

b) Units-of-activity for 2019 and 2020. (1.5 Mark)

8. On May 1, 2020, Sohar Metal Corporation issued $2,700,000, 9 %, 5-year bonds at face value.

The bonds were dated May 1, 2020, and pay interest semiannually on May 1 and November

1. Financial statements are prepared annually on December 31.

Required:

a) Prepare the journal entry to record the issuance of the bonds. (0.5 Mark)

b) Prepare the journal entry to record payment of interest on November 1, 2020. (0.5 Mark)

c) Prepare the adjusting entry to record the accrual of interest on December 31, 2020.

(1 Mark)

d) Show the balance sheet presentation on December 31, 2020. (0.5 Mark)

9. Habibi Company, has the following transactions related to intangible assets for the year

2020

Jan 1 Purchased for $560,000 a patent with an estimated useful life of 7 years

July 1 Acquired a franchise for $440,000. The franchise has a useful life of 10 years.

Required:

a) Prepare journal entries to record the transactions above. (1 Mark)

b) Prepare journal entries to record the 2020 amortization expense. (1.5 Marks)