The advance payment for rent on December 1 covered a period of 12 months. (You only used one month) b. The Insurance Policy is for 12 months. (You used only one month) c. The annual interest rate on the Note Payable to Edwards Corp. is 9%. (One month interest) d. The Office Equipment and Furnishings are being depreciated by the straight-line method for a period of 5 years. There is no salvage value and you are expensing one month. e. Office Supplies on hand on December 31 are estimated at $750. f. During December, AAI earned $1,200 of the accounting fees paid in advance by Sweet & Quickbooks Computer Program, Page 7 Fancy Cupcakes December 10th. (You have now earned the 1200.) g. Salaries earned by employees since last payroll are $1,300. The Salaries will be paid on 1/3/21. h. The Accountant estimates that the amount of Income Tax Payable will be $3,000. These taxes will be paid in 2021