1) On January 1, 2016, Horton Inc. sells a machine for $24,800. The machine was originally purchased on January 1, 2014 for $44,200. The machine was estimated to have a useful life of 5 years and a residual value of $0. Horton uses straight-line depreciation. How will Horton record this transaction?2) Bobby Darling is the only employee of Atlantic Records, Inc. During the first week of January, Darling earned $3,600.00 and had federal and state income tax withholdings of $180.00 and $67.50, respectively. FICA taxes are 7.65 % on earnings up to $117,000. State and federal unemployment taxes for the period are $225.00 and $36.00, respectivelyWhat would be the amount of Darling’s payroll check for the first week of January3) On October 1, 2015, Attra Inc. borrows $202,000 on a three-year note that requires the company to pay 10% interest on March 31 and September 30. On December 31, 2015, the adjusting entry to accrue interest on the note should debit:4) Your company sells $46,000 of one-year, 10% bonds for an issue price of $42,000. The journal entry to record this transaction will include a credit to Bonds Payable in the amount of:5) A company declared a $0.80 per share cash dividend. The company has 100,000 shares authorized, 45,000 shares issued, and 42,000 shares of common stock outstanding. What is the journal entry to record the dividend declaration?
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