Question 19 A customer signs and enters into a 10%, $24,000, 90-day note payable on November 1. The company's year end is December 31. All interest and principle is paid at the note's maturity. The adjusting entry for the interest on December 31 would include? a debit to interest Payable for $2.400 O a credit to Cash for $200 O a debit to interest Payable for 5400 O a debit to interest Expense for $400 Question 29 A fixed asset with a cost of $40,000 and accumulated depreciation of $38,000 is sold for $1,000. Which of the following statements is true? The book value of the asset is greater than the sales price The asset account must be credited for $2,000 There is a gain on the exchange Cash of $1,000 should be credited Question 33 Equipment was purchased July 1, 2016 for $30,000 Residual value is $5,000 and the expected life is 5 years. Calculate the depreciation expense using Double Declining Balance for the year ended December 31, 2019 and record the journal entry for 2019. Debit Depreciation Expense $5,760 Credit Accumulated Depreciation $5,760 Dehit Depreciation Expense $3,456; Credit Accumulated Depreciation $3,456 Debit Depreciation Expense 56,000: Credit Accumulated Depreciation $6,000 Debit Depreciation Expense 59,600. Credit Accumulated Depreciation 59,600 Question 38 The company acquired land with a fair value of $60,000 $10,000 was paid as a down payment and a 10% note (payable in six months) was signed. Show the acquisition of the land O Debit Land $60,000, Credit Cash $10,000 and Note Payable for $60,000 O Debit Land $60,000; Credit Cash 10,000 and Note Payable $50,000 Debit Land $75,000; Credit Accumulated Depreciation $7,500 and Note Payable $67,500 Debit Land $75,000; Credit Cash $15,000 and Note Payable 560,000