Problem 2. Here are selected 2022 transactions of Howe Corporation Jan. 1 Retired a piece of equipment that was purchased on January 1, 2012. The equipment cost $55,000 and had a useful life of 10 years with no salvage value June 30 Sold equipment that was purchased on January 1, 2020. The equipment cost $78,000 and had a useful life of 3 years with no salvage value. The equipment was sold for $9,000 cash. Dec. 31 Sold equipment for $12,500 cash. The equipment cost $43,000 when it was purchased on January 1, 2019 and was depreciated based on a 5-year useful life with a $3,000 salvage value. Instructions Journalize all entries required on the above dates, including entries to update depreciation on assets disposed of, where applicable. Howe Corporation uses straight-line depreciation. Problem 3. On June 1, Huntley Company borrows $50,000 from the bank by signing a 60-day, 6%, interest- bearing note. 1 Instructions Prepare the necessary entries below associated with the note payable on the books of Huntley Company (a) Prepare the entry on June 1 when the note was issued. (b) Prepare any adjusting entries necessary on June 30 in order to prepare the monthly financial statements. Assume no other interest accrual entries have been made (c) Prepare the entry to record payment of the note at maturity