Selected transactions of Shadrach Computer Corporation during November and December of 2016 are as follows: Nov. 1 Borrowed money from the bank by issuing a non-interest-bearing, $40,000, 90-day note. The note is discounted on a 12% basis. 9 12 20 30 Sold 100 computers with a 1-year assurance-type warranty for $5,000 each on credit (ignore cost of goods sold). Past experience indicates that warranty costs average $125 per computer. Sold 100 software packages at $300 each on credit (ignore cost of goods sold). With each software package, Shadrach offered a premium in the form of a USB drive for the return of one proof of purchase. The offer expires June 30, 2017. The cost of each USB drive is $5, and Shadrach estimates that 80% of the premiums will be redeemed; therefore, 80 USB drives were purchased on credit. Paid $2,900 in fulfillment of the warranty agreement on several of the computers sold on November 9. Accrued monthly vacation pay. Shadrach has 90 employees who are each paid an average of $160 per Selected transactions of Shadrach Computer Corporation during November and December of 2016 are as follows: Nov. 1 Borrowed money from the bank by issuing a non-interest-bearing, $40,000, 90-day note. The note is discounted on a 12% basis. 9 12 20 30 Sold 100 computers with a 1-year assurance-type warranty for $5,000 each on credit (ignore cost of goods sold). Past experience indicates that warranty costs average $125 per computer. Sold 100 software packages at $300 each on credit (ignore cost of goods sold). With each software package, Shadrach offered a premium in the form of a USB drive for the return of one proof of purchase. The offer expires June 30, 2017. The cost of each USB drive is $5, and Shadrach estimates that 80% of the premiums will be redeemed; therefore, 80 USB drives were purchased on credit. Paid $2,900 in fulfillment of the warranty agreement on several of the computers sold on November 9. Accrued monthly vacation pay. Shadrach has 90 employees who are each paid an average of $160 per