QUESTION 8 The maturity value of a $120,000, 8%, 60-day note receivable dated July 3 is a. $121,600 b.$60,800 c $60,000 d. $120,800 QUESTION 9 On May 1, 2017, Jackie Shin Company sells office furniture for $350,000 cash. The office furniture originally cost $750,000 when purchased on January 1, 2010. Depreciation is recorded by the straight-line method over 10 years with a salvage value of $75,000. What gain should be recognized on the sale? a. 595,000 $75,000 c. $120,000 d. $40,000