Salaries earned by golf course employees that have not yet been recorded or paid amount to $9,600. The Tampa University golf team used Florida Palms for a tournament played on December 30 of the current year. At December 31, the $1,800 owed by the team for green fees had not yet been recorded or billed. Membership dues earned in December, for collections received in January, amount to $106,000. Depreciation of the country club's golf carts is based on an estimated life of 15 years. The carts had originally been purchased for $180,000. The straight - - line method is used. ( Note: The clubhouse building was constructed in 1925 and is fully depreciated.) A 12-month bank loan in the amount of $45,000 had been obtained by the