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On July 1, Shady Creek Resort borrowed $430,000 cash by signing a 10-year, 8% installment note requiring equal payments each June 30 of $64,083. What is the journal entry to record the first annual payment? 1. Debit Interest Expense $34,400; credit Cash $34,400. Debit Interest Expense $64,083; credit Cash $64,083. Debit Cash $430,000; debit Interest Expense $64,083; credit Notes Payable $494,083. Debit Interest Expense $34,400; debit Notes Payable $29,683; credit Cash $64,083. Debit Interest Expense $34,400; debit Interest Payable $29,683; credit Cash $64,083. Q On November 1, Alan Company signed a 120-day, 10% note payable, with a face value of $18,000. What is the maturity value (principal plus interest) of the note on March 1? (Use 360 days a year.) 1. $18,300 $18,600 $18,400 $18,200 $18,000 Peavey Enterprises purchased a depreciable asset for $28,000 on April 1, Year 1. The asset will be depreciated using the straight-line method over its four-year useful life. Assuming the asset's salvage value is $3200, Peavey Enterprises should recognize depreciation expense in Year 2 in the amount of: 1. $24,800.00 $7000.00 $23,766.67 $5166.67 $6200.00 Giorgio Italian Market bought $10,800 worth of merchandise from Food Suppliers and signed a 60-day, 7% promissory note for the $10,800. Food Supplier's journal entry to record the sales transaction is: 1. Debit Notes Receivable $10,800; debit Interest Receivable $126; credit Sales $10,926. Debit Notes Receivable $10,926; credit Sales $10,926. Debit Accounts Receivable $10,800; credit Sales $10,800. Debit Notes Receivable $10,800; credit Sales $10,800. Debit Accounts Receivable $10,926; credit Sales $10,926. A company bought new heating system for $50,000 and was given a trade-in of $2100 on an old heating system, so the company paid $47,900 cash with the trade-in. The old system had an original cost of $44,500 and accumulated depreciation of $40,900. If the transaction has commercial substance, the company should record the new heating system at: 1. $2100 $50,000 $51,500. $3600. $47,900