RESPOND ASAP PLEASEEE

6) Dexter Industries purchased packaging equipment on January 8 for $57,600. The equipment was expected to have a

useful life of three years, or 14,400 operating hours, and a residual value of $3,600. The equipment was used for 5,760

hours during Year 1, 4,320 hours in Year 2, and 4,320 hours in Year 3.

1. Record the adjusting journal entry for depreciation in Year 2 using the straight-line method.

Finish attempt ...

2. Compute the book value at the end of Year 2.

7) On the first day of the fiscal year, Shiller Company borrowed $85,000 by giving a seven year, 7% installment note to

Soros Bank. The note requires annual payments of $15,772, with the first payment occurring on the last day of the

fiscal year. The first payment consists of interest of $5,950 and principal repayment of $9,822.

Journalize the entries to record the following for Shiller Company:

1. Issued the installment note for cash on the first day of the fiscal year.

2. Paid the first annual payment on the note.