what are the journal entries for #7?

in #3 and 4. Prior to recording the interest make sure to take into consideration the facts in 816 below regarding cosntruction of the new storage warehouse. You may round 2-5 to the nearest whole dollar. Items 2-6 may be done as one entry and labeled 2-6 on 8 adi entry sheet. 3. On February 29, JAR signed a $100,000, 5 year, 6% note payable to Bank of America. No interest was accrued on this note yet in 2020 10 4. On September 1, 2020, JAR signed a 1 year $150,000, non-interest bearning note, JAR received $144,000 cash for the note on Sept 1. No interest was accrued on this note yet in 2020. 5. JAR has a noto payable to Bank of America (hereinafter BOA) for $50,000 at an annual interest rate of 3%. The five-year note is dated 4/30/19 and pays interest annually every 4/30. The interest on this note subsequent to 4/30 has not yet been accrued and must be used in the interest capitalization calculation along with other specific and non-specific debt. 6. JAR made the following cash disbursements for the new warehouse construction in 2020. On 8/1/20 $100,000; on 9/30/20 $165,000; on 11/1/20 $80,000. For this and the above problem, you must first calculate weighted average accumulated expenditures from the disbursement, then calculate actual and avoidable interest, the lesser of the two can be capitalized to th new warehouse account: Warehouse in progress. Construction on the warehouse was started on 7/1/20. 17. An analysis completed by the controller's office, using the balance sheet (A/R) approach indicates that 3% of total accounts 13 receivable is uncollectible. No accounts were written off during the year. 8. JAR uses a FIFO perpetual inventory system. However, additional inventory of bags of dog food was discovered in van after the final inventory counts and adjustements. Using information on TAB 4; calculate the value of the dog food inventory using PERPETUAL FIFO, LIFO and Avg Cost. Put your work and answers where indicated on the Tab 4. Prior to the discovery of the dog food in the van, only one bag (cost of $4.45) of this brand of dog food was reported in ending inventory. Based on your calculation of the amount and cost of the dog food using PERPETUAL FIFO, prepare the adjusting entry to add the cost of the 14 additional bags of inventory discoved to Inventory and subtract from COGS. 9. JAR owns a forklift for moving freight that was purchased in 2016 for $9,300. The forklift is being depreciated using straight line over a 10 year useful life and has a $2,100 salvage value. This depreciation for the forklift was already recordedin 2020, however, analysis indicates the undiscounted future cash flows the forklift will provide are 6,000 and its fair value is estimated to be $5,800. Determine if the forklift is impaired and if so, record the appropriate impairment as an adjusting entry. JAR estimates the new salvage value of forklift to be $1,200 and that the forklift will last for 4 more years (i.e. It will last until the end of 2024). Compute the new annual depreciation, but do not record it, list the new annual depreciation on the line to the right. 10. JAR bought a delivery van on March 1, 2020 for $18,500. JAR's controller wants to see how much depreciation is using each of the following methods: Straight-line, double declining balance, and units of production and record the one that is the HIGHEST for 2020. The van has a 10 year useful life and $1,500 salvage value, it is expected to last 200,000 miles and was driven 28,000 miles 2020. Put you calculations and solutions for each method on Tab 5. Use partial periods depreciation, not full years. 11. The tax rate is 30% which affects all items of income and expense at the same rate. Hint: you must determine income before 17 taxes to calculate Income tax expense (Round total income taxevance In naarst whala dallarl