Wrap Text ste 233 23 Morge & Center B 34 The note payable relating to the June 2, and 10 transactions is a five-year note, with interest at the rate of 12 percent annually. Interest expense should be computed based on a 360 day year. (IMPORTANT NOTE The original note on the computer equipment purchased on June 2 was $108.000 On June 10, eight days later, $20,750 was repaid. Interest expense must be calculated on the S108,000 for eight days. In addition, interest expense on the $87,250 balance of the loan (5108,000 less $20,750 - $87.250) must be calculated for the 20 days remaining in the month of June.) 35 Income taxes are to be computed at the rate of 25 percent of net income before taxes. (IMPORTANT NOTE: Since the income taxes are a percent of the net income you will want to prepare the Income Statements through the Net Income Before Tex line. The worksheet contains all of the accounts and their balances which you can then transfer to the appropriate financial statement 2 13 04 Closing Entries 5 36 Close the revenu ccounts 87 37 Close the past 0 38 Close the income my account 91 39. 93 M 05 06 31 100 303 100 Works @ince statement MacBook Wrap Text ste 233 23 Morge & Center B 34 The note payable relating to the June 2, and 10 transactions is a five-year note, with interest at the rate of 12 percent annually. Interest expense should be computed based on a 360 day year. (IMPORTANT NOTE The original note on the computer equipment purchased on June 2 was $108.000 On June 10, eight days later, $20,750 was repaid. Interest expense must be calculated on the S108,000 for eight days. In addition, interest expense on the $87,250 balance of the loan (5108,000 less $20,750 - $87.250) must be calculated for the 20 days remaining in the month of June.) 35 Income taxes are to be computed at the rate of 25 percent of net income before taxes. (IMPORTANT NOTE: Since the income taxes are a percent of the net income you will want to prepare the Income Statements through the Net Income Before Tex line. The worksheet contains all of the accounts and their balances which you can then transfer to the appropriate financial statement 2 13 04 Closing Entries 5 36 Close the revenu ccounts 87 37 Close the past 0 38 Close the income my account 91 39. 93 M 05 06 31 100 303 100 Works @ince statement MacBook