Problem 7 DISHONOR OF NOTES RECEIVABLE 3 journal entries RECORD THE FOLLOWING TRANSACTIONS FOR 2020: 1-Jul Received a $800, 3 month, 5% note from a customer in settlement of an account receivable. 1-Oct Received notification from the customer that he was unable to honor the note at this time. It is expected that this customer will pay the full amount at a later date. 15-Nov Received full payment from the customer. Problem 8 DEPRECIATION METHODS 58,000 8,000 Flower Company purchased equipment on January 1 for Estimated salvage value Estimated useful life Estimated units produced over the useful life Actual units produced during the year 5 years 10,000 units 1,500 INSTRUCTIONS: Compute depreciation expense for the year using each of the following methods: A. Straight line B. Units of Activity C. Double declining balance