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The whole page Plz 31. (4 points) On November 1, 2023, XYZ accepted a $30,000,8%, 9 month note from a customer in full payment of
The whole page Plz
31. (4 points) On November 1, 2023, XYZ accepted a $30,000,8%, 9 month note from a customer in full payment of an accounts receivable. a. (2 points) record the receipt of the note on November 1 b. (2 points) How much interest will XYZ report in its December 31, 2023 income statement for this note? (2 point bonus) Record the adjusting entry required at December 31, 2023 to record the interest earned on the above note. (3 point bonus) On January 1, 2021, ABC purchased a machine for $440,000. It was expected to last 10 years and have salvage value of $40,000. On January 1, 2023, it was determined that the machine would last longer than originally anticipated. The machine would last an additional two years (a total of 12 years rather than 10 years). Also, the salvage value would change from $40,000 to $70,000. ABC uses the straight-line method of depreciation. Compute the amount of depreciation expense for 2023 Step by Step Solution
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